The Association of Corporate Affairs Managers of Banks (ACAMB) has called for calm from Nigerians, saying that the current transaction glitches affecting the currency swap policy would soon be resolved.
The association’s president, Rasheed Bolarinwa, told The ICIR today that the banks were working with the Central Bank of Nigeria (CBN) to address the negative impact of the policy on Nigerians.
Bolarinwa said, “The ACAMB empathises with Nigerians on the unintended hardships being faced in the process of the ongoing rollout of redesigned naira notes and enhanced cashless policy.
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“Nigerian banks are working with the CBN to ensure that customers have access to cash through ATMs and other channels, as well as over the counter in the banking halls.”
Nigerians have been going through excruciating pains trying to access cash from the deposit money banks and point-of-sale (PoS) centres since the CBN introduced new N1000, N500 and N200 notes into circulation on December 15, 2022.
The apex bank explained it was redesigning the three notes with a view to mopping up unregulated money outside the banking vault, which it estimated was up to 80 per cent of the money in circulation.
The gaps in supply of the new notes and demand by the people has created sharp practices in the banking system, and more than 100 per cent hike in the transaction cost for withdrawal through PoS.
Scarcity of cash has also resulted in some Nigerians vandalising banks’ properties, as well as in protests on the streets.
Bolarinwa, condemning the attacks on bankers and banking facilities, said, “Vandalising banks and attacking bankers is not right. The banking public should know that the banks cannot hoard money when they have it in their vault since they are also in business.”
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.