Association Attributes Naira Scarcity to Panic Withdrawals, Hoarding

The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has attributed the current naira scarcity to panic withdrawals by bank customers.

Its President, Mr Olusoji Oluwole, in a statement on Wednesday in Lagos, said such withdrawals were done out of fear of the sufferings and hardship experienced earlier in the year.

He said that activities of ignorant and unscrupulous persons who elected to hoard the naira notes for unethical gains, inflicting pains and hardship on innocent and vulnerable fellow Nigerians, was also contributory.

Oluwole urged those hoarding the naira notes to desist from it, saying, such actions were adding to the surging inflation bedeviling the economy.

The labour leader also urged the general public not to make panic withdrawals, saying, “ the Central Bank of Nigeria has announced indefinite acceptance of the old denominations as a legal tender.”

He urged the union members, who were in interface between Money Deposit Banks and the general public, to remain focused.

Oluwole also urged the members to avoid distractions in the discharge of their responsibilities as the CBN continued to work with banks to ensure adequate supply and distribution of naira notes.  Naira Devaluation Deepens Economic Crisis in Nigeria

“ASSBIFI commends the resilience of bank workers, and advises the general pubic to remain calm and safe by desisting from holding excess cash that may put them at unnecessary risk, “ Oluwole said.