
As the festive season approaches, Nigeria is grappling with a severe cash shortage that has left bank workers and customers in distress.
The Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI) has attributed this crisis to the Central Bank of Nigeria's (CBN) failure to adequately supply cash to commercial banks.


ASSBIFI President Olusoji Oluwole expressed concern over the persistent scarcity of cash, which he claims has been exacerbated since the redesign of the naira. "Banks have only two sources of cash: the CBN and retailers.
The CBN has not met banks’ demands, and retailers often sell cash for profit, making it harder for banks to access funds," Oluwole explained.
The situation has become particularly dire as demand for cash surges during the holiday season. "It is beginning to become more pronounced now that we’re heading towards the Christmas celebrations, where a lot of people are going to need money to carry out their shopping and other businesses," Oluwole noted.
Adding to the complexity, reports have surfaced alleging that some banks are selling cash to point-of-sale (POS) agents, who then profit by reselling it at higher rates.
This practice has drawn criticism from various quarters, with many calling for regulatory intervention. "You cannot be selling cash. You cannot sell your currency to people for a profit at discounted rates. It is not done anywhere," Oluwole emphasized.
The cash shortage has had a ripple effect on the economy, hindering millions from conducting transactions and pushing small businesses and daily wage earners deeper into poverty.
Emmanuel Onwubiko, National Coordinator of the Human Rights Writers Association of Nigeria, criticized the CBN and its Governor, Olayemi Cardoso, for their handling of monetary policy.
"Nationwide, long bank and ATM queues have become the norm, with depositors unable to access their funds despite sufficient balances," Onwubiko stated.
As the crisis unfolds, stakeholders are urging the CBN to release transparent data on cash circulation and to transition towards a less cash-dependent economy.
"An economy that operates in a cashless manner does better than a cash-dependent economy. It is a proven thing all over the world," Oluwole asserted.
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