By Abigail Philip David
A prominent member of the Peoples Democratic Party (PDP) and former House of Representatives candidate for the Dekina/Bassa federal constituency, Usman Okai, has accused commercial banks of exacerbating the cash shortage by allegedly selling naira notes to influential individuals for profit.
Okai, a Kogi-born political activist, expressed concern over the ongoing cash crunch, stating that citizens are experiencing severe hardship as a result. He questioned the availability of cash with Point of Sale (PoS) operators while commercial banks remain cash-starved.
In a statement issued on Tuesday, Okai accused banks of not being transparent about the situation. He alleged that PoS operators, who charge citizens exorbitantly for cash withdrawals, are working as agents for senior bankers.
“The claim that the Central Bank of Nigeria (CBN) is not supplying enough cash is a cover story. PoS operators do not access cash directly from the CBN but from commercial banks,” Okai stated.
He further claimed that some commercial banks sell cash directly to influential individuals, charging as high as N250,000 on N2,000,000, turning the process into a money-making venture.
Okai rejected the narrative that the CBN is solely to blame, calling it a deceptive strategy.
“I am not defending the CBN, but we must face the truth. If commercial banks are committed to ensuring access to cash, they would load Automated Teller Machines (ATMs) with sufficient money. Instead, they are fueling the PoS system as a new business venture while ordinary citizens, particularly small traders, continue to suffer,” Okai emphasized.
He urged commercial banks to prioritize the needs of the masses, particularly market traders and small business owners, and address the widespread hardship caused by the cash shortage.
