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The Association of Senior Staff of Banks, Insurance and Financial Institutions, ASSBIFI, has blamed panic withdrawals by bank customers, and activities of ignorant and unscrupulous persons hoarding the Naira Notes for unethical gains for the unending cash crunch across the country.
In a statement titled “Scarcity of Naira notes”, President of ASSBIFI, Olusoji Oluwo advised those hoarding the Naira Notes to desist forthwith as their actions were adding to the surging inflation bedeviling the nation’s economy and inflicting pains and hardship on innocent and vulnerable Nigerians.
The statement reads “The Association of Senior Staff of Banks, Insurance and Financial Institutions, ASSBIFI received several enquiries and complaints on scarcity of the Naira Notes in banks and various Automated Teller Machines, ATMs, around the country.
“ASSBIFI has observed that the claimed scarcity of Naira Notes is as 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 strongly advise those hoarding the Naira Notes to desist forthwith as their actions add to the surging inflation bedeviling our economy and urges the general public not to make panic withdrawals, as the Central Bank of Nigeria, CBN, has announced indefinite acceptance of the old denominations as a legal tender.
“ASSBIFI implores its members who happen to be the interface between Money Deposit Banks, MDB, 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.”
