ASSBIFI Blames Naira Scarcity on Fear-Driven Withdrawals
The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has identified panic withdrawals by bank customers as a significant factor contributing to the current scarcity of the naira. Mr. Olusoji Oluwole, the President of ASSBIFI, highlighted this issue in a statement released in Lagos.
According to Oluwole, the recent surge in withdrawals is driven by fear and memories of the hardships experienced earlier in the year. He also pointed out that unethical practices, such as hoarding naira notes for personal gain, by some individuals have worsened the situation, causing unnecessary suffering for innocent Nigerians.
In response to these challenges, Oluwole urged those involved in hoarding naira notes to stop, emphasizing that such actions only exacerbate the already high inflation rates in the economy. He also advised the public against panic withdrawals, noting that the Central Bank of Nigeria has declared the old denominations as legal tender indefinitely.
The labour leader directed union members, who interact with Money Deposit Banks and the public, to maintain their focus and not be distracted from their duties. He assured them that the CBN is working with banks to ensure an adequate supply and distribution of naira notes.
Oluwole commended the dedication of bank workers and urged the general public to remain calm and avoid holding excessive cash, which could pose security risks.
Source: NAN
