Banks speak on currency shortage in Nigeria

The Association of Corporate Affairs Managers of Banks (ACAMB) has rejected claims that banks are contributing to the scarcity of newly redesigned naira notes in Nigeria. ACAMB President Rasheed Bolarinwa stated that the banks have invested approximately N100 billion in the establishment and maintenance of cutting-edge electronic channels to provide seamless customer experience and real-time digital financial transactions.

Bolarinwa highlighted that 80% of Nigerians now have access to digital/cashless services and Nigeria has emerged as a leader in Africa’s digital financial services industry. The banks fully support the Central Bank of Nigeria’s enhanced cashless policy.

Bolarinwa emphasized that ATMs are being loaded daily and cash disbursement is being supervised by CBN Inspectors and anti-graft agencies. The banks have taken additional measures to improve customer experience, including increased technical support for online payments, improved security at ATMs, technological backup to reduce online downtime, and additional staff deployment for cash transactions. ACAMB believes these measures, along with efforts by the CBN, will result in greater ease of access and cash liquidity.

ACAMB has appealed to customers to exercise patience and avoid resorting to violence against any bank, its employees, or facilities. ACAMB reminded customers that many banks are public companies owned by millions of Nigerians and provide employment to tens of thousands of staff who work to ensure reliable and secure services.