Banks Not Hoarding New Naira Notes, Says ACAMB

While reiterating its support for the CBN's cashless policy drive, ACAMB noted that banks have in the past weeks rolled out extra measures to ease the flow of naira notes. 

New Naira
A file photo of new naira notes


The Association of Corporate Affairs Managers of Banks (ACAMB) has faulted claims that banks are hoarding the new naira notes but expressed optimism that the scarcity of the currency would end soonest. 

“ACAMB affirms without any equivocation that banks are not in any way hoarding or holding back naira notes or engaging in any act inimical to our avowed commitment to exciting customer experience,” ACAMB President Rasheed Bolarinwa said in a Sunday statement.

“ATMs are being loaded every day and cash is being paid as provided by the CBN, as regularly being checked by CBN Inspectors and other regulators including anti-graft agencies.”

While reiterating its support for the CBN’s cashless policy, ACAMB noted that banks have in the past weeks rolled out extra measures to ease the flow of naira notes.


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“These measures, among others, include deployment of extra technical supports for online payments, additional security at ATMs to ensure all-clock usage, technological back-up to reduce online downtime to the barest minimum, additional staff deployment to counters to attend to cash transactions and timely interbank and inter-branch networking to bridge any gap,” the statement added.

“We are confident that these measures, in addition to efforts by the regulatory CBN, will result in greater ease of access and cash liquidity. The Federal Government and the CBN have reiterated similar readiness to address any constraint in the cyclical flow, including making adjustments, where necessary.”

Sunday’s comment comes in the wake of reported attacks on bank facilities and staff by angry customers who are facing difficulties accessing cash.

But ACAMB is calling on the “Nigerian banking public to exercise patience and not to resort to any untoward behavior against bank staff or banking facilities”.