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NAIRA SWAP: Nigerians No Longer Interested In Depositing Their Money In Banks

Nigeria banking sector may be facing collapse as many citizens, who are still struggling to withdraw money from the system, have vowed not to deposit cash in banks again.

Experts fear that such attitude, which stemmed from the Central Bank of Nigeria (CBN’s) Cashless Policy that caused Nigerians untold nightmares and hardship, could lead to the collapse of the bank sector.
Speaking on the situation, a resident of Abuja, Adaeze Okolie, said, “I no longer feel the need to deposit my money with the Bank; I rather keep it. The Naira scarcity period did expose the inefficiency of Nigeria’s banking system. It was appalling, I could not withdraw for months, and online transactions were equally frustrating. Many Nigerians have learnt their lessons”.

Also, Usman Abdullahi, a yam seller in Suleiman Market, said: “He would rather keep his money rather than go to the bank to deposit cash or better look for other means”.

A PoS operator in Utako Market in Abuja, Augustine Chukwu, said: “I collect cash from market men and women; I rarely visit the banking hall.”
Head of Media Relations at Access Bank PLC, Abdul Imoye, confirmed the decline in cash deposits by customers and said the apprehension held by Nigerians for not depositing cash would soon be a thing of the past.

According to him, what is happening now is typical of the Nigerian mentality, but business would bounce back in time.
“It is due to the ‘Nigerian mentality’; customers had struggled with cash scarcity for months, so people are normally apprehensive. But now there is cash in the banking system; I am sure things will return to normal”, he said.

Also, The CEO of SD & D Capital Management, Mr Idakolo Gbolade, said bank customers’ behaviour towards cash deposits is a natural resentment.
“The bank customers will naturally shun depositing their funds, and deposit is expected to decline due to the experience of depositors in the past few months.
“Bank customers went through hell to make withdrawals from their deposits, so it is natural for resentment regarding depositing their funds back to the banks.
“This trend will continue for months before depositors adjust accordingly.
“The economy will gradually bounce back with cash infusion into the system,” he stated.

Last Month, Nigerian Deposits Insurance Corporation (NDIC), with the primary responsibility to protect Depositors, said that it is committed to ensuring a solid banking system in collaboration with the CBN.

Source: Daily Post

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