As public outrage against the festering scarcity of new naira notes jolts the nation’s economy, banking industry watchers said it is unfortunate that the Central Bank of Nigeria is the agency of government taking the fall for the outright subversion of its policy by money deposit banks.
The apex bank has been at the receiving end since the beginning of the year over the poor handling of the policy on Naira Redesign and Cash Withdrawal policy as banks continue to defy the directives on cash disbursement through on-the-counter withdrawal and the use of their automated teller machines.
There were reports that rather than comply with the CBN’s directives, some bank officials refused to upload new naira notes into their ATMs, while some of them decided to cut down the amount of cash paid out to customers in flagrance with the directives of the apex bank.
The directive on the new cash withdrawal limits was contained in the CBN letter dated December 6, 2022, which was addressed to all Deposit Money Banks and Other Financial Institutions, Payment Service Bank (PSBs), Primary Mortgage Banks (PMBs), and Microfinance Banks (MFBs).
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