Usman Okai, a prominent Peoples Democratic Party (PDP) member and former House of Representatives candidate for Dekina/Bassa federal constituency, has accused commercial banks of exacerbating Nigeria’s cash shortage. According to Okai, these banks are allegedly selling naira notes directly to influential individuals, leaving ordinary citizens to endure significant hardship.
Okai criticized commercial banks for their inability to make cash readily available to customers, while Point of Sale (PoS) operators seem to have an abundant supply of naira notes. In a statement issued on Tuesday, the Kogi-born political activist claimed that PoS operators act as intermediaries for senior bankers, who profit from selling cash at exorbitant rates.
“The claim that the Central Bank of Nigeria (CBN) isn’t providing sufficient cash to banks is a fabricated excuse,” Okai alleged. He further suggested that the cash being sold by PoS operators originates from commercial banks, not the CBN vaults.
Okai highlighted an alleged scheme where commercial banks sell money directly to important personalities at a premium. “Some banks are charging as much as N250,000 for N2,000,000, turning this into a lucrative business venture,” he stated. He accused banks of prioritizing profit over the welfare of ordinary citizens, particularly small-scale traders who depend on accessible cash for their daily transactions.
While distancing himself from speaking on behalf of the CBN, Okai dismissed the narrative that the apex bank is responsible for the cash shortage. Instead, he placed the blame squarely on commercial banks.
“If banks wanted to ease the hardship, they would load Automated Teller Machines (ATMs) with cash. Instead, they have turned PoS operations into a business, worsening the suffering of citizens,” he said.
Okai expressed concern about the severe impact of the cash shortage on small businesses, particularly market traders. He urged banks to prioritize public access to cash through proper channels and end practices that deepen financial difficulties for Nigerians.
The political activist called on banks to be honest about their role in the ongoing crisis, urging them to adopt fair practices that align with the needs of the general populace.
“The citizens deserve the truth, not excuses or deceptive narratives,” Okai concluded.
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