By Chima Nwokoji | Lagos
Following the scarcity of Nigeria’s legal tender and its attendant crisis, the Bank Directors Association of Nigeria (BDAN) said it empathises with members of the public at this crucial time.
In a statement signed by Mr Mustafa Chike-Obi, Chairman, Board of Directors, BDAN, the association said it is mindful of the discomfort and hardship associated with the current currency reform which has introduced the newly designed naira notes and reduction in withdrawal limit.
“It has indeed been a difficult period for Nigerians and BDAN is making it top priority to ensure that this hardship is not only addressed but eliminated.
“We are in constant communication with all the banks and are assured that they are all doing whatever is within their control to normalise this difficult situation.
“We enjoin the banking public to maintain peace, rest assured that BDAN is taking all reasonable steps to influence the structure and mechanisms that should free up bottlenecks and open channels that will speed up the resolution of the crisis,” the statement read in part.
BDAN said it hopes to count on the public’s patience, understanding and cooperation.
Similarly, the Institute of Chartered Accountants of Nigeria (ICAN) says it shares the pains of all Nigerians whose lives and livelihood are being disrupted daily due to the paucity of new naira notes arising from the recent naira redesign policy of the CBN.
It noted that unfortunately, the glaring effects of the policy on businesses and other financial transactions have further been compounded by the challenges in fuel supply across the nation.
ICAN, in pursuit of its public interest mandate, published its position paper on the naira redesign policy in December 2022 and proffered some recommendations for its successful implementation.
To that effect, it assures the public of steadfastness in engaging the government and other key stakeholders to promptly resolve the crisis.
It said, “We passionately appeal to the public to consider the present situation a passing phase in our journey towards national prosperity.
“We urge for calm, understanding and the resilience that have characterised us as a people. New policies sometimes have unintended consequences and so, the present circumstance should not be perceived as a premeditated attempt to inflict undue pains on the masses,” the institute noted in a statement seen by Nigerian Tribune.
As the CBN and other key stakeholders continue to make commendable efforts to address the present challenges, ICAN has urged the apex bank to continuously reassess its strategies and expedite actions towards making the new currency notes readily available to the public.
The current cash-in-hand challenge it said, has revealed the weaknesses in Nigeria’s alternative financial payment solutions.
“We encourage the deposit money banks, telecommunication and fintech companies to ramp up investments in their systems and processes towards improving the quality of their services in the Nigerian economy in the shortest possible time,” it added.
ICAN said it acknowledges the recent interim injunction of the Supreme Court restraining the Federal Government and the CBN from enforcing the deadline of February 10 for withdrawal of the old naira notes.
It therefore urged the CBN and other key stakeholders to see the injunction as an opportunity to rapidly improve the supply and distribution of the new naira notes (alongside the old notes), stabilise the alternative financial payment solutions and expand public awareness on the indisputable benefits of a cashless economy.
ICAN noted that it believes that these actions would gradually restore public trust in Nigeria’s presently challenged financial system and calm all frayed nerves.
