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By Chukwuma Umeorah
The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has reacted to the prevailing shortage of naira notes in banks and ATMs nationwide, and urged the public to remain calm and desist from panic withdrawal.
The national president of ASSBIFI, Olusoji Oluwole, in a press statement, said: “The association has observed that the claimed scarcity of naira notes is as a result of panic withdrawals by bank customers out of fear of the hardship experienced early this year.”
The association highlighted the impact of such actions, attributing the scarcity to the activities of unscrupulous persons who hoard the naira notes for unethical gains.
Olusoji advised those hoarding naira notes to desist forthwith as such actions contribute to the surging inflation bedevilling the economy.
He reassured the public that the Central Bank of Nigeria (CBN) was working assiduously to ensure sufficient supply and with the announcement of “indefinite acceptance of the old denominations as legal tender,” the issue of cash scarcity would soon be a thing of the past.
This was even as the association implored 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.
