Naira Swap: Bank Associations Pledge Availability Of Cash To General Public

Three financial associations have assured that the Central Bank of Nigeria (CBN) and commercial banks would do everything possible to ensure availability of the Naira to the general public.

The associations are Association of Corporate Affairs Managers of Banks (ACAMB), Chief Security Officers in Banks (CSOs), and Committee of Heads of Operations of Banks (CHOBs)

In a statement on Monday by Mr Rasheed Bolarinwa, President, ACAMB, said the three bodies gave the assurance in a communique at the end of their tripartite meeting on Sunday.

CityMirrorNews reports that the meeting was 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 commercial banks were doing everything possible to make the Naira available.

They also expressed 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,” Bolarinwa said.

He appealed to security agencies to increase patrol and surveillance on bank locations, especially those located in places prone to attacks, to forestall further attacks.

Bolarinwa added that the communique also urged traditional institutions, heads community development association and leaders in various markets across Nigeria.

”They should educate their subjects and members on the immediate and long-term benefits of cashless policy,” he said.

Bolarinwa, however, urged bank customers to leverage several available alternative channels provided by banks to consummate 99 per cent of all their transactions and focus less on cash.

The ACAMB president re-emphasised that commercial banks neither hide nor hoard money they received from the CBN.

He assured that banks would make money received available to their customers Over the Counter (OTC) or through the Automated Teller Machines (ATMs).

The emergency tripartite meeting was a fallout of the implementation of the CBN monetary policy that led to attacks on bank staff and facilities in some states of the federation.