NewStats: 3,262,480 , 8,177,251 topics. Date: Monday, 02 June 2025 at 12:19 PM 2g256q

The Association of Senior Staff of Banks, Insurance, and Financial Institutions has attributed the worsening cash shortage across the country to the Central Bank of Nigeria’s inability to meet the cash demands of commercial banks.

Speaking with The PUNCH, ASSBIFI President, Olusoji Oluwole, highlighted the dire impact of the scarcity, particularly as the festive season approaches, with increased demand for cash for shopping and business transactions.

“In of (the cash) scarcity, this is something that has not ended since the redesign of the naira,” Oluwole said.

Oluwole explained that banks have only two primary sources of cash – the CBN and retailers.

“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,” he explained.

He noted that the apex bank has failed to meet the cash demands of banks, while retailers profit by selling cash instead of depositing it back into the banking system.

“But, of course, 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.

“Banks are not in a position to force retailers to bring the cash to banks,” he added, describing how this dynamic exacerbates the scarcity of cash in Automated Teller Machines and across bank counters.

Citing statistics, Oluwole stated that banks collectively require at least N20m daily to operate, with ATMs needing approximately N8m each and N4m over the counters.

He stressed the importance of CBN providing clear statistics on cash circulation to improve distribution efficiency.

“For us, we are not interested in trading games like we were doing last year but looking for solutions. The solution, one, is for CBN to have clear statistics, so that they understand where they are, how they are circulating, and where they are circulating to,” he said.

Oluwole also advocated for a shift towards less dependency on cash, emphasising that a cashless economy is cheaper, safer, and more efficient for the 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,” he stated.


In addition, the ASSBIFI President called for security agencies to crack down on illegal currency trading.


“You cannot be selling cash. You cannot sell your currency to people for a profit at discounted rates. It is not done anywhere,” Oluwole emphasised.

He urged authorities to investigate reports of point-of-sale operators buying cash from fuel stations and supermarkets.

Oluwole concluded by reiterating that no bank deliberately withholds cash from its customers.

“No bank wants to starve its customers of cash. It does not make sense for any bank to hold on to cash, but you can only give what you have,” he said.

“As the cash crisis persists, stakeholders are urging the CBN to act swiftly to address these concerns and alleviate the strain on both banks and the public,” Oluwole stated.

Also, the National Coordinator of the Human Rights Writers Association of Nigeria, Emmanuel Onwubiko, in a statement criticised the CBN and its Governor, Olayemi Cardoso, for their mishandling of monetary policy, holding them responsible for the resulting widespread hardship.

He further highlighted how cash scarcity has left millions, especially in rural areas, unable to conduct transactions, pushing small businesses, artisans, and daily wage earners deeper into poverty.


“Nationwide, long bank and ATM queues have become the norm, with depositors unable to access their funds despite sufficient balances,” he added.

Onwubiko argued that the crisis reflects not just poor monetary policy but also deeper systemic issues within Nigeria’s economy.

He urged President Bola Tinubu to intervene swiftly to stabilise the banking system and avert economic collapse.

The group also called on the National Assembly to summon the CBN Governor for ability and oversight.

https://punchng.com/bank-workers-blame-cbn-as-cash-shortage-worsens/

How come the CBN threatened to sanction bank for cash shortage ?

Even banks sell cash to POS agents

I know it is that CBN governor that is Punishing Nigerians and God will judge all of you.

Everything sha dey scarce for this count. Very soon, Oxygen too will be scarce.
Nons€new!

I see, it's becoming real.

Let's switch to USDT.

Crazy country

Stories. All the money is in the hands of POS operators

Ok

Dem don start, who should be responsible before, now 2h for 5k from pos, which kind
nonsense be dat

The issue is not a surprise. It shouldn't be.

The Naira is now a four digit currency. It is bizarre that the highest denomination is only 1,000 naira which is about 60cents. This is ridiculous.

That maximum 100k withdrawal can only purchase 10k goods of 2007. That 100k of 2014 could last you one week. Today, you could finish it in a day. So, you need to keep withdrawing 100k from the ATM each day. This massive turnover is why banks lack cash.

When the Naira became a 3 digit currency, the CBN introduced the N100, 200, 509 and finally the 1,000 note in 2007 if I'm correct. Then the 1,000 note was worth around $8.

There's an urgent need therefore for the government to introduce the 2k,5k and 10k denominations urgently.

Unfortunately, Nigerians would say higher denominations would cause inflation which no topnotch economist would . An increase in money supply that is higher than the increase in goods and services is whats causes inflation.

The central bank should follow global best practices and introduce higher denominations asap.

Hopss:
Even banks sell cash to POS agents

I do pos too
Which bank sells cash abeg?

Hopss:
Even banks sell cash to POS agents

Bookhub:


I do pos too
Which bank sells cash abeg?

iLoveYouToo:
Stories. All the money is in the hands of POS operators

0taPiaPia:
Banks are seeling cash to pos agents .. verified information. The cash comes wrapped in cbn attire probably to mask of the local bank/branch that sold it. I spit on the state of this nation

Inukwa ?

Everything is now business. Once there's no more POS operators, cash would be available. POS operators are the ones raking in cash from retailers for sale

Banks are selling cash to pos agents .. verified information. The cash comes wrapped in cbn attire probably to mask off the local bank/branch that sold it. I spit on the state of this nation

confused bank of nigeria.

iLoveYouToo:
Stories. All the money is in the hands of POS operators

Yeah not just POS operators, politicians, looters, BDC'S and money launderers have lots of cash stashed somewhere leading to paucity of cash.

Let's go cashless

The problem is not the CENTRAL BANK but Nigerians. They always do that every festive period and inflate prices of goods. 9ja can only change for good when the people themselves are ready.

BIenc:
How come the CBN threatened to sanction bank for cash shortage ?

This madness has to stop. They have to ban these pos agents from doing the job of banks. Failure to do this is making the whole system a waste of time. Someone sends you 20k you cannot withdraw from banks because there is no cash and you go to these criminal pos agents and your 20k becomes 19.6k what kind of useless policy is this? Yet you are promoting a cashless economy.
These guys are beyond confused.

Blame games everywhere.

Foolish people dem...

we too quick to point fingers in this country, CBN say na banks, banks say na CBN, people say na POS. jus a cluster mess

Theres no type of hardship government has no caused us and there is not hardship they cant take away

The street introductions of POS might attribute to this.

People hardly take cash to bank. Seems people hoard money

But banks are able to meet the demands of Pos operators. Banks, weldone ooh

treesun:

https://punchng.com/bank-workers-blame-cbn-as-cash-shortage-worsens/

Una don start again. Na festive period be this o make una know wetin una dey do.

Cbn will Blame POS GUYS

Most already disbursed it to POS vendors to sell and make profit



Merry Merry Naira Selling Christmas

treesun:

https://punchng.com/bank-workers-blame-cbn-as-cash-shortage-worsens/

You go to the bank you are told that there is no money but you go to the POS you can get times three of what the bank couldn't give you.
So where do the POS get their cash from?

just imagine.country of murafuckers ruled by mudafuckers

Hopss:
Even banks sell cash to POS agents

talk what you sabi

0taPiaPia:
Banks are seeling cash to pos agents .. verified information. The cash comes wrapped in cbn attire probably to mask of the local bank/branch that sold it. I spit on the state of this nation

Attire ko