Naira Scarcity: ASSBIFI Cautions Nigerians Against Panic Withdrawals
The Association of Senior Staff of Banks, Insurance and Financial Institutions has linked the cause of cash crunch in the country to panic withdrawals by bank customers, and activities of misguided individuals engaging in the unethical practice of hoarding naira notes for personal gain.
In a statement issued by the National President, ASSBIFI, Olusoji Oluwole, the association advised those hoarding the naira notes to desist from such, linking such actions to the surging inflation bedevilling the economy.
While urging the general public not to make panic withdrawals, he said the Central Bank of Nigeria had announced the indefinite acceptance of the old denominations as legal tender.
Read Also:
The statement said, “ASSBIFI has observed that the claimed scarcity of naira notes was a result of panic withdrawals by bank customers out of fear of the sufferings and hardship experienced early this year, and activities of ignorant and unscrupulous persons who elected to hoard the naira notes for unethical gains, inflicting pains and hardship on innocent and vulnerable fellow Nigerians.
“ASSBIFI implores its members who happen to be the interface between Money Deposit Banks and the general public to remain focused and avoid distractions in the discharge of their responsibilities, as the CBN continues to work with banks to ensure adequate supply and distribution of naira notes, especially at this festive period.
“ASSBIFI commends the resilience of bank workers, and advises the general public to remain calm and safe by desisting from holding excess cash that may put them at unnecessary risk.”