The Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI) has attributed the worsening cash shortage across the country to the Central Bank of Nigeria’s (CBN) failure to meet the cash demands of commercial banks.

Speaking (with The Punch), ASSBIFI President Olusoji Oluwole emphasized the severe impact of the scarcity, especially as the festive season nears, with heightened demand for cash for shopping and business transactions.

“In terms of (the cash) scarcity, this is something that has not ended since the redesign of the naira,” Oluwole said.

Oluwole explained that banks have only two primary sources of cash: the CBN and retailers.

“Banks have only two sources of cash: the CBN and retailers. The CBN has not met banks’ demands, and retailers often sell cash for profit, making it harder for banks to access funds,” he said.

He pointed out that the apex bank has failed to meet the cash demands of banks, while retailers profit by selling cash instead of depositing it back into the banking system.

“But, of course, it is beginning to become more pronounced now that we’re heading towards the Christmas celebrations, where a lot of people are going to need money to carry out their shopping and other businesses,” he noted.

“Banks are not in a position to force retailers to bring the cash to banks,” he added, describing how this dynamic exacerbates the scarcity of cash in Automated Teller Machines (ATMs) and across bank counters.

Citing statistics, Oluwole stated that banks collectively require at least N20 million daily to operate, with ATMs needing approximately N8 million each and N4 million over the counters.

He stressed the importance of the CBN providing clear statistics on cash circulation to improve distribution efficiency.

“For us, we are not interested in trading games like we were doing last year but looking for solutions. The solution, one, is for CBN to have clear statistics, so that they understand where they are, how they are circulating, and where they are circulating to,” he said.

Oluwole also advocated for less dependency on cash, emphasizing that a cashless economy is cheaper, safer, and more efficient.

“An economy that operates in a cashless manner does better than a cash-dependent economy. It is a proven thing all over the world,” he stated.

Additionally, the ASSBIFI President called for security agencies to crack down on illegal currency trading.

“You cannot be selling cash. You cannot sell your currency to people for a profit at discounted rates. It is not done anywhere,” Oluwole emphasized.

He urged authorities to investigate reports of point-of-sale operators buying cash from fuel stations and supermarkets.

Oluwole concluded by reiterating that no bank deliberately withholds cash from its customers.

“No bank wants to starve its customers of cash. It does not make sense for any bank to hold on to cash, but you can only give what you have,” he said.

“As the cash crisis persists, stakeholders are urging the CBN to act swiftly to address these concerns and alleviate the strain on both banks and the public,” Oluwole stated.

Meanwhile, the National Coordinator of the Human Rights Writers Association of Nigeria (HRWAN), Emmanuel Onwubiko, in a statement criticized the CBN and its Governor, Olayemi Cardoso, for their mishandling of monetary policy, holding them accountable for the widespread hardship that has resulted.

He further pointed out how cash scarcity has left millions, especially in rural areas, unable to conduct transactions, thereby deepening the struggles of small businesses, artisans, and daily wage earners.

“Nationwide, long bank and ATM queues have become the norm, with depositors unable to access their funds despite sufficient balances,” he added.

Onwubiko argued that the crisis not only reflects poor monetary policy but also deeper systemic issues within Nigeria’s economy.

He urged President Bola Tinubu to intervene swiftly to stabilize the banking system and prevent an economic collapse.

The group also called on the National Assembly to summon the CBN Governor for accountability and oversight.

The Federal Government, through the Ministry of Health and Social Welfare, has alerted the Committee of Chief Medical Directors and Medical Directors about the new COVID-19 XEC variant, which has been reported in Australia and 22 other countries.

The ministry has directed the Committee of Chief Medical Directors and Medical Directors to “activate alert systems throughout all hospitals for a high index of suspicion in patients with COVID-like symptoms.”

This announcement came as the Nigeria Centre for Disease Control and Prevention (NCDC) reiterated on Wednesday that filling health declaration forms remains mandatory for Nigeria-bound passengers.

Dr. O.N. Anuma, the Head of the Teaching Hospitals Division, Department of Hospital Services of the Federal Ministry of Health and Social Welfare, issued a letter dated December 5 to the Chairman of the Committee of Chief Medical Directors and Medical Directors, warning that the new COVID-19 variant has a growth advantage over other strains.

The ministry has urged the committee to work with all relevant stakeholders to share vital data about the strain and implement enhanced monitoring protocols.

In the letter, Anuma wrote: “I am directed to inform you of a newly detected XEC COVID-19 variant which has been reported in Australia and has already spread to 29 countries globally. You may wish to know that this variant has shown a growth advantage over other circulating strains, raising concerns about its potential impact on public health.

“Alert systems should be immediately activated throughout our hospitals for a high index of suspicion in patients with COVID-like symptoms.

“We request your committee to collaborate with all relevant stakeholders to share critical data regarding this strain and implement enhanced monitoring protocols.”

Furthermore, Dr. John Oladejo, the Director of Special Duties at the NCDC, told one of our correspondents on Wednesday that health declaration remains mandatory for incoming passengers.

“They are filling the form; this is a strategy to know if they have any symptoms relating to SARs,” Oladejo explained. He clarified that the form is intended to help the agency determine if incoming passengers have symptoms associated with COVID-19.

Over the weekend, the NCDC addressed concerns over the newly detected COVID-19 XEC variant, which is reportedly circulating in Australia and 32 other countries. The NCDC assured the public that the National COVID-19 Technical Working Group is closely monitoring and analyzing both international and national surveillance data to guide public health responses.

In line with emergency preparedness and response strategies, the NCDC continues to update its approaches to ensure a quick and effective response. A dynamic risk assessment and readiness assessment are being organized to help in planning appropriate actions.

The health declaration form is part of the government’s efforts to prevent the spread of COVID-19, monitor potential imports of infectious diseases, and control disease outbreaks, thereby protecting the health of all Nigerians.

According to the World Health Organization (WHO), 180,907 cases of COVID-19 and 2,665 deaths were reported globally in the last 28 days, as of November 24, 2024.

A high court in Oyo state has issued an interim order restraining further publication or sale of Dele Farotimi’s book, ‘Nigeria and its Criminal Justice System’.

Adebayo Adenipekun, a senior advocate of Nigeria (SAN) with Afe Babalola & Co, filed the suit marked I/1442/2024 on Monday.

Farotimi and Dele Farotimi Publishers were listed as the first and second defendants.

M.A. Adegbola, the presiding judge, restrained the defendants and their republishers, including Amazon Online Bookstore, Rovingheights Bookstore, Booksellers Bookstore, Jazzhole Lagos Bookstore, Glendora Bookshop, Quintessence Lagos Bookstore, and Patabah Books Limited, from further publishing and selling the book.

The judge also ordered that the publication, whether hard or soft copy, must be stopped from further publication and sale through any mainstream or social media platform or any other means whatsoever, pending the hearing and determination of the motion on notice for interlocutory injunction.

The court adjourned the motion on notice for interlocutory injunction to January 7, 2025.

Last Tuesday, the Ekiti police command arrested Farotimi over alleged defamation and cyberbullying.

The activist is accused of spreading false information against Babalola.

Subsequently, the inspector-general of police filed a 12-count charge bordering on cybercrime against Farotimi.

On Monday, Farotimi was granted bail on the cybercrime charges, while on Tuesday, the lawyer was brought to the magistrate court in Ekiti for arraignment over alleged defamation.