The Association of Banks, Insurance and Financial Institutions (ASSBIFI) has lamented that the urge to beat the Central Bank of Nigeria’s deadline on the ‘old’ naira notes has reduced many Nigerians to objects moving from one ATM point to another.
This is as it expressed concerns over pressure being mounted on bank workers following challenges of non-availability of the new naira notes for customers.
The ASSBIFI President, Mr Soji Oluwole, in a statement on Friday in Lagos said the union was concerned about the safety and health of the workers who were faced with the angry public in the process of depositing old or withdrawing the new notes.
Banks have been contending with more customers rushing to beat the Jan. 31 deadline given by the Central Bank of Nigeria (CBN) for the return of old naira notes which would cease to be legal tender.
New naira notes comprising N200, N500 and N1,000 became legal tender on Dec. 15, 2022 after they were unveiled by President Muhammadu Buhari on Nov. 23, 2022 in Abuja.
Many bank customers, however, complain that the new notes are not readily available and have yet to circulate adequately four days to the expiration of the old notes
Oluwole appealed to the CBN to take urgent action to avoid attacks and other unruly actions against bank workers.
He said, “As stated in a previous statement, we expected that the CBN should have concluded arrangements to make the exercise seamless for workers in the banks and other Nigerians who bear the brunt and ultimate consequences of this action through adequate sensitisation, a more realistic deadline and provision of enough cash to meet the demands of customers.”
Oluwole urged CBN to publicly declare how much of the new notes had been printed and distributed to banks for disbursement compared with what had been withdrawn from the public.
The ASSBIFI president said that an independent study by the union showed that the volume of the new notes in circulation was highly insufficient.
He said that most of the Automated Teller Machines (ATM) had no new notes to dispense and some of those dispensing were still paying out old notes.
“Nigerians have been reduced to moving from one ATM point to another in search of new naira notes that should have been abundantly supplied.
“While the CBN has continued to assure Nigerians that they have enough printed notes to service their demands, we implore CBN to publicly declare how much of the new notes have been printed and distributed to banks for disbursement compared with what has been withdrawn from the public.
“We therefore advise that the process should be reviewed to ameliorate the challenges and hardship being suffered by Nigerians, bank customers and staff, “ Oluwole said.
