Body Of Banks CEOs Working To Address Cash Crunch~CIBN

…..Money in circulation drops drastically from N3.3tn to N1.54tn

The Chartered Institute of Bankers of Nigeria, CIBN, says it is liaising with the Body of Banks Chief Executive Officers, to address the current scarcity of cash and other challenges that Nigerians are grappling with.

The President/Chairman of Council, CIBN, Mr Ken Opara, gave the assurance in a statement on what is being done to get the nations banking industry working again.

Mr Opara noted that the safety and security of staff of banks is paramount.

According to him, where there is security challenge, the Management of banks have been empowered to take proactive measures to close their operations in such location and inform the Central Bank of Nigeria.

The CIBN President said the safety concerns being expressed in various quarters are already being addressed.

He stressed that the Banks will continue to ensure that adequate security is put in place to protect staff members and customers whilst safeguarding their assets in contending with the current challenge.

Mr Opara appealed to the banking industry to remain resolute and committed to finding ways to address all the related issues.

The CIBN President expressed appreciation to the bank customers for their continued patience and understanding as they work together towards
restoring normalcy.

Meanwhile, amid the worsening naira crisis, the total amount of currency-in-circulation in the nation’s economy has tumbled from N3.3tn to N1.54tn.

This came as a biting shortage of new naira notes amid an acute scarcity of old currency has inflicted untold hardship and pain on millions of Nigerians, leaving several people stranded.

The latest central bank document, showed that the total amount of currency-in-circulation fell by 53.33 per cent within three months.

Specifically, the currency-in-circulation fell from N3.3tn recorded on October 31, 2022 to N1.54tn on January 31, 2023.

The 53.33 decrease in C-in-C followed bank customers’ huge deposits of old N1000, N500 and N200 notes ahead of the CBN’s February 10, 2023 controversial deadline.

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