• Business - Companies
  • Updated: February 08, 2023

Naira Scarcity: Bank Officials Speak On Hoarding Of New Notes

The unavailability of cash in the country is no longer news as citizens have been grappling with the crisis across the nation.

It seems their efforts have been futile since the distribution of the redesigned naira notes by the Central Bank of Nigeria (CBN).

Many people believe that banks are hoarding the redesigned notes, while others feel the apex bank is to blame for the scarcity.

AllNews Nigeria reached out to a few bank officials who spoke on hoarding of the naira notes.

Samuel (name changed), a banker at GTBank Alausa Branch, Ikeja argued that the CBN is forcefully turning the country into a cashless economy.

"In my own knowledge, I believe the problem is that the CBN is just trying to force us to go cashless, meanwhile, they don't know that they are just testing the cashless policy on the wrong people at the wrong time."

Speaking on hoarding of naira notes, he said it is not possible for all banks to hoard naira notes at the same time.

"How is it possible for all banks to hold back the naira notes at the same time? This is quite impossible.

"The problem is that the CBN is not releasing cash to us at all

"For instance, here in my branch, we do not have cash at all, so how is it possible to hoard what we don't have?"

He also noted that the bank branch has been experiencing customer attacks due to cash scarcity.

"Customers believe that we have cash but we don't want to give it out. 

"Hence, recently they resort to vandalizing banking facilities and attacking our staff, to the extent that every morning the branch is always barricaded by policemen."

On his part, a customer service representative at Access bank, Maryland branch who pleaded anonymity said banks are not responsible for the hoarding of the new notes.

He added that even if that is the case, the branch manager or branch service manager should be responsible.

"I can't say much on hoarding the naira note, and I also don't want to believe that too.

"But if that's the case, the branch manager or branch service manager should be responsible for that."

 Also speaking, an ATM custodian at First Bank, Ikeja branch urged Nigerians not to believe everything they see online, claiming banks are responsible for hoarding naira notes.

"I don't really have much to say on hoarding of the naira notes but I just want to urge Nigerians not to believe everything they see online that claims that banks are responsible for hoarding of naira notes.

AllNews Nigeria observed that most banks' ATM galleries in some parts of Lagos like, Abule-Egba, Ikeja, Ijaye, Oshodi, Kola, Command and Iyanapaja are not dispensing cash at all.

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Felicia Abisola  Olamiji
Felicia Abisola Olamiji

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