September 27, 2023


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CBN monetary policy: ASSIBIFI asks for enough money to the commercial banks.

By Afolabi Oyekunle.

The Association of Senior Staff Of Banks Insurance and Financial Institutions (ASSIBIFI) has called on the Central Bank of Nigeria to release more naira notes to the Commercial banks to enable them perform their functions and release money to members of the public.

The Association believes that lack of enough cash is one of the major reasons why the banks are not dispensing enough to the people.

Addressing newsmen in Lagos, the President of the Association, Mr. Olusoji Oluwole said this has been confirmed by President Muhammad Buhari in his speech that the banks are not given enough money.

ASSIBIFI president addressing press.

The Association decried the attack on her members and bank branches in several parts of the country and lament that there has not been any public condemnation over this acts by bodies or individuals saddled with the responsibilities of supervising or protecting the industry and its workers.

The Association appealed to members of the public to desist from threatening or attacking her members as they can only give money that is provided.

Mr Oluwole said the Association value the lives of her members and will not put them at further risk . He said they have been put on alert and the Association shall instruct them without further warning to immediately stay away from their branches until their personal safety and the security of their workplaces can be guaranteed by relevant authorities.

On orders by the Central bank of Nigeria, that the one thousand and five hundred naira old notes are no longer legal tender and the directive by some state governors that the money are still legal tender, the ASSIBIFI president said the banks are under the control of the CBN and will only obey its direction.

He said the commercial banks are not under obligation to obey the directives of any state governor.

cross section.of the executive.

ASSIBIFI Executive at the press conference.

“We sympathize with our colleagues and employers in various banks whose branches were attacked, damaged, or burnt along with their equipment.”

He said while ASSIBIFI is not against the CBN Policy to Redesign and Withdraw the Old Naira Notes, it continues to reiterate the need to:

  1. Fully engage all relevant stakeholders in immediately looking beyond printing new notes as ordered by the council of state, and fashioning out immediate ways to enhance alternative means of transactions that will be devoid of failures and restore confidence in the cashless system.
  2. Increase awareness at all levels to discourage panic withdrawal and hoarding of the new currency while providing industry wide incentives to encourage the transition from cash transactions. We salute institutions that have chosen to act proactively.
  3. Monitor and sanction outlets that have been verified to shut down the use of alternative means of payments, demanding for cash which find their way into the hands of currency traders.
  4. Monitor the abuse of the currency at public events, and apply sanctions as prescribed in the CBN act.”

He said both associations in the industry, ASSIBIFI and NUBIFIE members are highly responsible, ethical, and patriotic people, mindful of the negative impact industrial action in an already charged environment, but if we are pushed, we will do what is necessary to defend and protect ourselves.