The Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI) has blamed the Central Bank of Nigeria (CBN) for the worsening cash shortage across the country. ASSBIFI President Olusoji Oluwole highlighted that the CBN’s failure to meet the cash demands of commercial banks, combined with retailers profiting from cash sales, has exacerbated the crisis, especially as festive season demand surges.

Oluwole revealed banks require at least ₦20 million daily for operations, including ₦8 million for ATMs and ₦4 million for counter transactions. He urged the CBN to provide clear cash circulation data and emphasized a transition toward a cashless economy to reduce dependency on physical currency.

The Human Rights Writers Association of Nigeria (HURIWA) also criticized the CBN’s monetary policy under Governor Olayemi Cardoso, citing its impact on rural populations, small businesses, and daily wage earners. HURIWA called on President Bola Tinubu and the National Assembly to intervene and ensure accountability, warning of further economic instability if the crisis persists.