New Naira Notes: ACAMB Assures Nigerians of Normalcy, Insists Banks Not Hoarding Cash
The Association Of Corporate Affairs Managers Of Banks (ACAMB) has urged Nigerians to be calm, avoid vandalisation of banking facilities or attack on its staff as the issue with distributing the New Naira Notes will soon be resolved.
In a statement signed by ACAMB President, Rasheed Bolarinwa, the association disclosed that the Nigerian Banks are currently working with the Central Bank of Nigeria (CBN) to ensure that customers have access to cash through ATMs and other channels as well as Over-The-Counter (OTC) in the banking halls.
It also pointed that the news going around that Banks are hoarding the new notes and are creating scarcity to further worsen citizens’ hardship are untrue. It stated that Banks and other stakeholders are working round the clock to ensure that the present situation is resolved and customers get the best service delivery.
It said “Nigerian Banks are currently working with the CBN to ensure that customers have access to cash through ATMs and other channels as well as Over-The-Counter (OTC) in the banking halls. 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.
“In the past few hours, Banks have taken additional measures to quicken the flow of naira notes. 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. ACAMB urges Nigerian banking public to exercise patience and not to resort to any untoward behavior against Bank staff or banking facilities. Nigerian Banks, majority of which are publicly quoted, are owned by millions of Nigerians and provide employment to several millions of staff, who work 24/7 to ensure that the generality of Nigerians have reliable and secured, globally competitive banking services.”
ACAMB added that “The cashless policy is generally in line with the yearnings of the most Nigerians for the elimination of corrupt practices in financial transactions, adequate security and improvements in law enforcements and general integrity of the wealth creation process. As shown by global evidence, cashless policy helps in curbing crimes such as; kidnapping, banditry and official sleaze, among others.
“Cashless or digital transaction is also a boost to commerce and industry; as well as public finance. It is noteworthy that digitization of public finances of many states and at national level has led to phenomenal improvement in REVENUE GENERATION, which form the basis of improved infrastructural renewals Nigerians now cherish. It is also noteworthy that all stakeholders agreed on the importance and advantages of the redesigning of naira notes. The redesigning of naira notes safeguards the Nigerian economy and the country’s sovereignty, by strengthening the nation’s currency flow and control. We believe that ongoing concerted efforts will address the constraints currently being experienced in the cyclical flow of the new naira notes and the legal tenders generally.”
ACAMB therefore appealed to customers to remain calm that all the challenges they are facing will soon be things of the past.
“Banks and customers are inseparable stakeholders as they exist for one another. It is therefore, detrimental to the interest of the general banking public to disrupt banking operations by untoward actions against Bank staff or vandalisation of banking facilities. Nigerian banking industry owes its global success as a leader in digital banking to its enthusiastic customers and remains committed to do everything possible to ensure customers continue to have delightful experience; in the banking halls and across the electronic and other alternate channels. ACAMB implores Nigerians to consider the big picture of the advantages of the redesigning of the naira and enhanced cashless policy, and therefore exercise patience, as stakeholders work to ensure normalcy. Customers must demonstrate ownership of their Banks and eschew any act that could lead to the disruption of banking operations or damage of banking facilities.
“ACAMB shall continue to engage all stakeholders and stimulate effective communications to foster greater understanding and forbearance,” the statement reads.