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Currency Racketeering: ACAMB disagrees, says banks not hoarding new Naira notes

*The Association of Corporate Affairs Managers of Banks, in Nigeria, argues the commercial 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’

Isola Moses | ConsumerConnect

As more facts indicting some Nigerian banks’ branches emerge from the regulatory authorities’ compliance teams’ findings in Ibadan, Osogbo and Ado-Ekiti among others, the Association of Corporate Affairs Managers of Banks (ACAMB) has faulted claims that commercial banks are hoarding the new Naira notes in the economy.

The Association, however,  expressed optimism that the scarcity of the national currency would end soonest.

Some of the Mint Naira notes the ICPC Compliance Team discovered in FCMB branch’s ATMs in Osogbo, Osun State capital    Photo: Brand Spur

Rasheed Bolarinwa, President of ACAMB, in a statement issued Sunday, February 5, 2023, said: “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.

“ATMs are being loaded every day and cash is being paid as provided by the CBN, as regularly being checked by CBN Inspectors and other regulators including anti-graft agencies.”

Reiterating its support for the CBN’s cashless policy drive, ACAMB  as well noted that banks, in the past weeks, had rolled out extra measures to ease the flow of Naira notes in circulation.

The statement said: “These measures, among others, include deployment of extra technical supports for online payments, additional security at ATMs to ensure all-clock usage, technological back-up to reduce online downtime to the barest minimum, additional staff deployment to counters to attend to cash transactions and timely interbank and inter-branch networking to bridge any gap.

“We are confident that these measures, in addition to efforts by the regulatory CBN, will result in greater ease of access and cash liquidity.

“The Federal Government and the CBN have reiterated similar readiness to address any constraint in the cyclical flow, including making adjustments, where necessary.”

ConsumerConnect had reported the recent harrowing experiences of consumers struggling to access their hard-earned money vis the banks’ ATM points, especially in Lagos and Abuja, before the CBN directed directed the resumption of Over the Counter (OTC) cash withdrawals.

Banks’ Spokespersons appeal to consumers for patience

Meanwhile, ACAMB has urged the “Nigerian banking public to exercise patience, and to not resort to any untoward behaviour against bank staff or banking facilities.”

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