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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 inability to meet the cash demands of commercial banks.
Speaking with journalists on Wednesday, ASSBIFI President, Olusoji Oluwole, highlighted the dire impact of the scarcity, particularly as the festive season approaches, with increased demand for cash for shopping and business transactions.
Oluwole explained that banks have only two primary sources of cash which are the CBN and retailers, noting 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.
Citing statistics, Oluwole stated that banks collectively require at least N20m daily to operate, with ATMs needing approximately N8m each and N4m over the counters.
At least seven people have been killed and many wounded by an Israeli air attack on a house in central Gaza’s Nuseirat camp. The Palestinian Civil Defence in a statement reported that the house was targeted on Tuesday, adding that its teams recovered seven bodies and rescued a number of wounded people from the site of the attack. Foreign news agencies quoted a medical source at al-Awda Hospital saying that […]
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