Usman Okai, a prominent member of the Peoples Democratic Party, PDP, and former House of Representatives candidate for the Dekina/Bassa Federal constituency, has accused commercial banks of worsening Nigeria’s cash crisis.
As stated by Okai, these banks are allegedly selling naira notes directly to influential individuals, further deepening the financial hardship faced by ordinary citizens.
In a statement issued on Tuesday, Okai emphasized that the banks must take responsibility for the severe cash shortage affecting Nigerians. He pointed out that “citizens are enduring severe hardship” due to the scarcity of cash, which has crippled day-to-day transactions across the country.
Okai also highlighted an apparent contradiction in the situation while commercial banks claim to be cash-starved, “Point of Sale , PoS, operators seem to have cash readily available.” He argued that the narrative being pushed by commercial banks that the Central Bank of Nigeria , CBN, is not supplying enough currency is misleading.
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“The story that the CBN is not giving them enough cash or is not meeting up with their demand for cash is a mere story,” Okai stated. He further alleged that PoS operators, who often charge exorbitant fees to citizens, are acting as intermediaries for certain powerful bank officials.
“Some commercial banks are selling money directly to some important personalities, whom they are charging N250,000 on N2,000.00,” Okai revealed, describing it as a lucrative business for the banks. He contended that these transactions demonstrate the commercial banks’ role in perpetuating the cash crisis, rather than alleviating it.
In his statement, Okai also criticized the ongoing blame game between the banks and the CBN, calling it “mere deception.” He insisted that the public needs to confront the truth about the situation: “If commercial banks want us to get money from Automated Teller Machines , ATMs, they will load it with cash,” he said. “They should stop using PoS as their new business in town.”
Okai concluded by expressing concern for the average Nigerian, particularly small business owners, who have been most affected by the cash crunch. “The citizens are suffering untold hardship, and this is common among small small business women and men that go to market,” he added, calling on the banks to take immediate action to ease the financial strain on the public.
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