Lagos, Dec. 19, 2023: Commercial banks and the Central Bank of Nigeria (CBN) are actively working to get more than N2 trillion in circulation back into the banks for distribution, says Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI).
ASSBIFI’s President, Mr Olusoji Oluwole, on Monday in Lagos that efforts were ongoing to ensure cash was well distributed to areas that were badly affected.
Oluwole was speaking against the backdrop of naira scarcity being experienced in some major cities across the country.
A year ago, the CBN implemented currency redesign which led to a severe cash crunch and hardship across the country.,
Olumide also recalled that the action led to wanton destruction of many bank branches following unverified and misleading reports purportedly from the CBN blaming banks for the currency scarcity.
“The current scarcity has mostly been traced to panic hoarding by people who either do not want to be caught in the same problem or intend to unfairly capitalise on the fears of people.
“This is in spite of the recent announcement that the old currency remains a legal tender indefinitely.
“POS operators are expected to be regulated and if found exploiting people with charges that are not prescribed should be prosecuted, “ Oluwole said.