ASSBIFI laments destruction of facilities estimated over N5bn due to Naira scarcity

The Association of Senior Staff of Banks, Insurance & Financial Institutions, ASSBIFI has lamented that more than 5 billion naira losses have been recorded in the banking sector over the naira redesign crisis.

President of the Association, Olusoji Oluwole stated this at a press briefing in Lagos to address the crisis arising from the naira redesign policy of the Central Bank of Nigeria, CBN.

The shortage of newly redesigned 200, 500, and 1,000 naira notes released by the Central Bank of Nigeria, CBN and the subsequent withdrawal of the old ones from circulation have destabilised businesses and individuals across the country.

Aggrieved citizens have continued to attack bank branches across the country, with recently reported cases in Oyo, Kwara, Ondo, Edo, and Delta states.

Reacting to these attacks on banks due to the shortage of naira notes, the President of the Association of Senior Staff of Banks, Insurance & Financial Institutions, ASSBIFI, Olusoji Oluwole recounts the huge losses suffered in the sector, amounting to about 5 billion naira.

Oluwole also sympathised with his colleagues and employers in various banks, whose branches were attacked, damaged, or burnt, stating that violence will not solve the problem, but worsen it.

He stated that the CBN is clear on the process for redeeming old naira notes, confirming that Nigerians with old 1,000 and 500 naira notes can redeem them at designated points.

While stressing that redemption does not mean getting the cash instantly, he advised Nigerians to start getting used to the ‘cashless policy’.

President Muhammadu Buhari in his nationwide address on Thursday morning stated that he has given approval to the CBN that the old 200 naira notes be recirculated for 60 days from February 10 to April 10, 2023, while the 500 and 1,000 naira notes are no longer legal tender.