NUBIFIE lays blame of new naira scarcity on the footstep of Central Bank of Nigeria, caution Against Attacks On Workers In Financial Institutions.

By : Afolabi Oyekunle

The National Union of Banks, Insurance And Financial Institutions Employees (NUBIFIE), says members of the public should blame the currency scarcity on the apex bank, Central Bank of Nigeria and not commercial banks.

The National Executive Council in– Session of the union at its emergency meeting, while deliberating on the scarcity of the new Naira notes unanimously resolved as follows : 1.That it is within the right of the Central Bank of Nigeria (CBN) to make policy on all fiscal and monetary matters, including inflation, exchange and interest rates management, currency redesign among others; 

2. That in carrying out its policy objectives, the health of the economy and the general wellbeing of the citizens must and shall be the ultimate objective; 

3.That while appreciating the reasons behind the currency redesign, its implementation has been very shoddy, giving room for speculative insinuation of its altruism. 

4. That the clumsiness associated with the implementation of the new Naira notes has not only portrayed CBN as ill prepared, but also sent wrong signals to investors and the general public as to the intentions associated with the policy and what it seek to achieve; 

5. That CBN being the sole authority in determining the production or printing of currency and managing its circulation, should have exact, reliable data of the volume required for the effective and efficient implementation of the new Naira policy; 

6.That the CBN should demonstrate transparency especially in relation to the cost implication of printing the various denominations of currency notes to enable the public appreciate the seemingly obvious limitations, inadequacies and challenges faced in sufficiently providing the new Naira notes; 

7.That NEC-in-Session seriously frowns at the buck-passing that CBN appears to engage in, to deflect from its inadequacies, which is costing commercial banks not only of public trust but also putting their workers in harm’s way as well as potential and real threats to their lives and damages to their facilities across the country

The scarcity of the new naira notes is causing serious hardship among the people and is seriously affecting commerce and trade and the economy.