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Naira crisis: ACAMB, Bank CSOs, Operations Heads harp on benefits of cashless policy



Lagos, Nigeria: February 20, 2022: The Association of Corporate Affairs Managers of Banks (ACAMB), Chief Security Officers in Banks (CSOs), and Committee of Heads of Operations of Banks (CHOBs) on Sunday, February 19, 2023 held an emergency meeting over fallout of implementation of the Central Bank of Nigeria’s monetary policy that led to attacks on bank staff and facilities in some states of the federation. 

There has been unrest and state of uncertainty nationwide over the CBN’s deadline on validity of the old N500 and N1000 notes as legal tender in the last couple of days. But both the Federal Government and apex bank have assured Nigerians that the challenges will ease out soon. 

Reiterating his administration’s support for the CBN’s policy, President Muhammadu Buhari on Sunday pleaded with Nigerians to exercise more patience to enjoy the eventual gains of cashless policy.

‘I am fully aware of the current hardship being faced as a result of some policies meant to bring overall improvement to the country. I’m appealing to you to exercise further patience as we take measures to ease these hardships. God willing, there is light at the end of the tunnel,’ the President tweeted on Sunday evening.  

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In a communiqué issued at end of the Tripartite meeting, which held in Lagos and convened by The Chartered Institute of Bankers of Nigeria (CIBN), the three Associations assured the general public that the apex bank and Deposit Money Banks (DMBs) are doing everything possible to make Naira available whilst expressing hope of return to normalcy in the shortest possible time. The banks resolved to continuously engage customers on efforts being made to lessen the current hardship being experienced.

Pending when all the challenges will be resolved, the bank heads appealed to Nigerians, particularly the traders and merchants to embrace and adopt the cashless policy by accepting fund transfers from their customers. They noted that the random glitches associated with recent transfer options will also ease out in no distant time. 

To forestall further attacks, the bank heads appealed to Security Agencies to increase patrol and surveillance on bank locations especially those located in places prone to attacks. 

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The traditional institutions, Community Development Association Heads, Leaders in various markets across Nigeria were also enjoined to educate their subjects and members on the immediate and long term benefits of cashless policy. 


Members of the public especially bank customers are also encouraged to leverage several available alternate channels provided by banks to consummate 99 percent of all their transactions and focus less on cash.

The three bodies re-emphasised that Deposit Money Banks (DMBs) neither hide nor hoard money they receive from the CBN, whilst assuring that Banks would make money received available to their customers Over the Counter (OTC) or through the Automated Teller Machines (ATMs).

See action points from the communiqué below: 

A strategic and consistent information should be made available to customers and the general public to keep them abreast of operations and use of alternate payment channels as we jointly work to improve situation.
Market women and traders at every market across Nigeria are encouraged not to reject transfer payment from their customers as doing otherwise runs counter to cashless policy.
Security Agencies are enjoined to increase surveillance, patrol and protection for bank workers, assets, and customers from undesirable elements attacking bank facilities.
Traditional Institutions, CDA Chairmen and market leaders are to assist in educating their subjects, residents and members at grassroots on the benefits of cashless policy while discouraging deviants and other elements within the community to maintain peace and order.
Customers are encouraged to make a habit of effecting 99% of all their transactions through available alternate channels provided by Banks including; Internet banking, mobile banking, USSD, Digital banking Apps, Merchants PoS QR Code, etc.
Banks are advised not to hoard the newly redesigned naira notes but rather make them available to customers.
Customers are encouraged to hold less of cash and transact more digitally.


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Rasheed Bolarinwa

President, ACAMB

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