On Monday, Nigerian banks refuted claims that they were responsible for a nationwide shortage of the newly redesigned naira notes. The Association of Corporate Affairs Managers in Banking (ACAMB) examined the cashless policy and expressed sympathy for those who have suffered due to the introduction of the new notes.

In a statement made accessible to DAILY POST, President Rasheed Bolarinwa stated that banks could not be a stumbling block to development since they had already spent almost N100 billion into the system.


As part of their dedication to providing a smooth experience for their customers and real-time digital financial transactions, Bolarinwa stated that the money had been utilized to build up and maintain state-of-the-art electronic channels over the past several years.

Eighty per cent of Nigerians now use digital/cashless services, he said, citing the rise of online banking, mobile applications, ATMs, PoS, merchants, mobile wallets, USSD, codes, agents, and digital franchises.

According to ACAMB, Nigeria's pledges have led to the country's digital financial services industry expanding rapidly and being recognized as one of the world's top 10 real-time payment marketplaces.

All of the banks in Nigeria have publicly stated their commitment to the CBN's expanded cashless policy. Bolarinwa said they were working with the regulator and other interested parties to quickly resolve implementation obstacles and ensure residents didn't have to go through any hardships.

"ACAMB underlines unequivocally that Banks are not in any manner hoarding or holding back naira notes or engaged in any behaviour antagonistic to our stated commitment to exciting customer experience," the association said.

Bolarinwa said that the CBN Inspectors and anti-graft authorities are keeping a close eye on cash distribution and that ATMs are being restocked daily.

The banks also stated that they would increase their technological support for online payments, the security of their ATMs to allow for 24-hour use, their technological backup to minimize online downtime, the number of employees assigned to handle cash transactions, and their interbank and inter-branch networking.

CBN's efforts, along with these steps, are expected to "result in enhanced ease of access and cash liquidity," according to the statement. But ACAMB urged people to be patient and not to take violent action against any bank, its personnel, or its facilities.

Many banks are publicly owned by millions of Nigerians and employ tens of thousands of people to offer safe and dependable banking services.

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