Usman Okai, a prominent member of the Peoples Democratic Party and former House of Representatives candidate for the Dekina/Bassa federal constituency, has accused commercial banks of exacerbating Nigeria’s ongoing cash crunch. He claims that these banks are allegedly selling naira notes directly to influential individuals, contributing to the cash shortage that is causing severe hardship for citizens.

In a statement released on Tuesday, Okai pointed out that “Point of Sale (PoS) operators seem to have cash readily available, while commercial banks remain cash-starved.” He criticized the banks for misleading Nigerians about their cash supply, asserting that PoS terminal operators, who charge arbitrarily high fees, are acting as agents for senior bankers. Okai contended that the real issue is not a shortage of cash from the Central Bank of Nigeria (CBN) but rather a strategic distribution issue within commercial banks.

“Some commercial banks are selling money directly to some important personalities, charging as much as N250,000 for N2,000,” Okai alleged, describing this practice as a lucrative venture for banks that is exacerbating the cash crunch. He emphasized that blaming the CBN is merely a diversion from the truth.

Okai further criticized the practice of using PoS as a new business model for banks, arguing that it is contributing to the suffering of small business owners and market vendors who depend on cash transactions. He called on commercial banks to take responsibility for ensuring that Automated Teller Machines (ATMs) are properly stocked with cash to alleviate the crisis.