Home Sectors BANKING & FINANCE Buhari Blames Corrupt Bankers For Naira Scarcity

Buhari Blames Corrupt Bankers For Naira Scarcity

Insecurity Has Substantially Improved - Buhari

President Muhammadu Buhari has blamed bankers for the shortage of naira in the country.

Addressing Nigerians during a live broadcast on Thursday, February 16, 2023, monitored by BizWatch Nigeria, Buhari described bankers as unscrupulous, saying they are the reason behind the naira crunch many Nigerians are challenged with.

“I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. I am deeply pained and sincerely sympathise with you all, over these unintended outcomes.

“To stem this tide, I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens are adequately educated on the policy;  enjoy easy access to cash withdrawal through the availability of the appropriate amounts of currency; and ability to make deposits.

“I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies, so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law,” the President stated.

While stressing that he is “deeply pained” by the hardship caused by the policy, the President said he has directed the Central Bank of Nigeria (CBN) to collaborate with security agencies to ensure that those “sabotaging” the implementation of the monetary policy are “made to bear the full weight of the law”.

Meanwhile, anti-graft agencies, including the Economic and Financial Crimes Commission (EFCC), and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), had arrested some bank officials for hoarding the new naira notes resulting in cash scarcity.


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