Senior Bank Workers Give Reasons for Cash Scarcity As PoS Operators Set New Withdrawal Charges
- Nigerian senior bank workers have explained the ongoing cash scarcity across the country
- The workers have also issued a warning to customers who are hoarding cash in their homes
- The recurrence of cash scarcity has forced Point of Sale operators to impose charges on withdrawals
Legit.ng journalist Dave Ibemere has over a decade of experience covering Tech, Energy, Stocks, Investments, and the Economy.
The Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI) has attributed the current cash scarcity in Nigeria to hoarding.
In a statement titled "Scarcity of Naira notes" signed by Olusoji Oluwo, President of ASSBIFI, Olusoji Oluwo, ASSBIFI also blamed panic withdrawals by bank customers for the cash scarcity.
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ASSBIFI message to Nigerians
In its statement, the union also asked Nigerians hoarding the Naira notes to stop as their actions inflict pain and hardship on innocent and vulnerable Nigerians, Vanguard reports.
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 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.
The bank workers also assured that there was enough cash.
The statement continued:
“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”.
Pos operators announce new withdrawal charges
Earlier, Legit.ng reported that PoS operators hiked charges to over 100% following persistent cash scarcity.
Check showed that the PoS operators, severed as a last resort for cash-strapped Nigerians, increased their fees to N400 for every N10,000 withdrawal instead of the N200 they previously charged.
The situation is worse in some states, especially in Lagos, where most ATMs are dry, or customers form long queues to withdraw.
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Source: Legit.ng
