Bank officials have said that the Central Bank of Nigeria, CBN should be blamed for current cash scarcity across the country.
The bank workers through the Association of Senior Staff of Banks, Insurance, and Financial Institutions, ASSBIFI, said the apex bank’s failure to meet up with cash demands of commercial banks is responsible for the shortage of cash.
According to the president of the association, Olusoji Oluwole, the high demands for cash by Nigerians is due to the festive season which has resulted in commercial banks not able to meet up with the demands.
He said since the redesign of the naira prior to the 2023 general elections, the country has been experiencing cash scarcity, noting that the CBN and retailers are the only two sources where commercial banks receive cash.
Oluwole said while CBN has failed to meet up with the demands from commercial banks, the retailers have made it more difficult for the banks to access cash by selling cash to them for profits.
He said these were the reasons cash is scarce in the Automated Teller Machines and across bank counters.
The ASSBIFI president urged the apex bank to improve its distribution efficiency by taking a stock of how they are circulating, and where they are circulating to.
He added that the cash scarcity is taken toll on the public and putting strains on the operations of commercial banks and urged the CBN to act swiftly in solving the situation.