Dipo Olowookere
By Dipo Olowookere
Commercial banks in Nigeria have denied the allegation that they were hoarding the new Naira notes and putting the citizens through untold hardship.
Since the Central Bank of Nigeria (CBN) announced an extension to swapping the old currency notes for the new ones on Sunday, January 29, 2023, for an additional 10 days, many Nigerians have been unable to access their funds in the bank.
On October 26, 2022, the CBN said it was redesigning the N200, N500, and N1,000 banknotes and gave Nigerians till January 31, 2023, to return the old notes.
Last week, there were reports of commercial banks in the country refusing to dispense the new currency notes to customers despite a central bank directive.
On Monday, February 6, 2023, the Association of Corporate Affairs Managers of Banks (ACAMB), in a statement signed by its president, Mr Rasheed Bolarinwa, absolved Nigerian banks from the crisis caused by the currency swap.
“Nigerian banks have invested an estimated total sum in excess of N100 billion in setting up and maintaining cutting-edge electronic channels over the past few years as part of the ongoing commitment to seamless customer experience and real-time digital financial transactions.
“From internet banking to mobile apps, Automated Teller Machines (ATMs), Point of Sales (PoS) merchants, mobile wallets, Unstructured Supplementary Service Data (USSD) codes, agents and digital franchises among others; not less than 80 per cent of Nigerians now enjoy one form of digital or cashless transaction or another, powered by investments by Nigerian banks,” a part of the statement said.
ACAMB, which reaffirmed its full support for the cashless policy of the CBN, said, “Nigerian banks are currently working with the CBN to ensure that customers have access to cash through ATMs and other channels as well as Over-The-Counter (OTC) in the banking halls.”
“ACAMB affirms without any equivocation that banks are not in any way hoarding or holding back naira notes or engaging in any act inimical to our avowed commitment to exciting customer experience.
“ATMs are being loaded every day, and cash is being paid as provided by the CBN, as regularly being checked by CBN Inspectors and other regulators including anti-graft agencies,” it added.
The group emphasised that, “In the past few hours, banks have taken additional measures to quicken the flow of naira notes. These measures, among others, include the deployment of extra technical supports for online payments, additional security at ATMs to ensure all-clock usage, technological back-up to reduce online downtime to the barest minimum, additional staff deployment to counters to attend to cash transactions, and timely interbank and inter-branch networking to bridge any gap.”
“We are confident that these measures, in addition to efforts by the regulatory CBN, will result in greater ease of access and cash liquidity,” the organisation assured, promising to “continue to engage all stakeholders and stimulate effective communications to foster greater understanding and forbearance.”
