The Association of Senior Staff of Banks, Insurance, and Financial Institutions has attributed the worsening cash shortage across the country to the Central Bank of Nigeria’s inability to meet the cash demands of commercial banks.
Speaking with The PUNCH, ASSBIFI President, Olusoji Oluwole, highlighted the dire impact of the scarcity, particularly as the festive season approaches, with increased demand for cash for shopping and business transactions.
“In terms of (the cash) scarcity, this is something that has not ended since the redesign of the naira,” Oluwole said.
Oluwole explained that banks have only two primary sources of cash – the CBN and retailers.
“Banks have only two sources of cash: the CBN and retailers. The CBN has not met banks’ demands, and retailers often sell cash for profit, making it harder for banks to access funds,” he explained.
He noted that the apex bank has failed to meet the cash demands of banks, while retailers profit by selling cash instead of depositing it back into the banking system.
“But, of course, it is beginning to become more pronounced now that we’re heading towards the Christmas celebrations, where a lot of people are going to need money to carry out their shopping and other businesses.
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