Nigerian Banks reveals why they hoard new naira notes after CBN policy

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Nigerian banks on Monday denied allegations of fuelling the scarcity of the redesigned naira notes across the country.

The Association of Corporate Affairs Managers of Banks, ACAMB, empathized with the public on the hardships consequent upon the rollout of the new notes and reviewed cashless policy.




Bolarinwa said the fund was used in setting up and maintaining cutting-edge electronic channels in recent years as part of the ongoing commitment to seamless customer experience and real-time digital financial transactions.

He noted that from internet banking to mobile apps, Automated Teller Machines, ATMs; Point of Sales, PoS, merchants, mobile wallets, Unstructured Supplementary Service Data, USSD, codes, agents and digital franchise, 80 per cent of Nigerians now enjoy digital/cashless services.

ACAMB said the commitments have seen Nigeria rising steadily and recognised as having arguably Africa’s most advanced digital financial services industry and one of the world’s top 10 real-time payment markets.

The financial institutions declared their full support for the enhanced cashless policy championed by the Central Bank of Nigeria, CBN.

Bolarinwa said they were collaborating with the regulator and other stakeholders to urgently address constraints in the implementation and ensure citizens suffer no untoward pains in the transition process.

“ACAMB affirms without any equivocation that Banks are not in any way hoarding or holding back naira notes or engaging in any act inimical to our avowed commitment to exciting customer experience.”