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By Fatima Muraina, Sade Adewale, Adeboye Ado & Kayode Olabanji
Nigerians from various walks of life have taken a swipe at the country’s financial institutions, including the apex bank, the Central Bank of Nigeria, CBN; commercial banks, and the Economic and Financial Crimes Commission, EFCC, over what they describe as growing abuse of the naira and unequal access to cash in the country.
The condemnation follows the spate of public spraying of naira notes at social functions, despite persistent complaints of cash scarcity, especially among bank customers, PoS operators and small business owners.
Recall that the Central Bank of Nigeria, CBN, introduced the cashless policy in 2012 as part of efforts to reduce the volume of physical cash in circulation and promote the adoption of digital payment systems.
The initiative was designed to enhance financial inclusion, minimise corruption and improve the overall efficiency of the nation’s economy.
Under the policy, limits were placed on cash withdrawals and deposits, while citizens were encouraged to embrace alternative payment channels such as mobile money, Point of Sale, PoS, terminals, and online banking platforms.
Speaking with Weekend Hope, an economist, Mr Andrew Ogunmola, lamented the disregard for monetary regulations, saying the act of naira spraying has become a public embarrassment.
He alleged that many of the individuals seen with bundles of naira notes at events operate as agents for bank managers.
He said: “In most cases, these individuals are either fronts for corrupt bank officials or buy money directly from the banks at inflated rates.”
“The EFCC is being selective in its enforcement of the law. The commission has become a political tool. They go after perceived opposition figures while friends of those in government go scot-free.”
Similarly, a resident of Akure, Mr Adedeji Benson, said the double standard in access to cash was frustrating.
He recounted how he struggled to withdraw N10,000 from a commercial bank, only to witness a lavish party where millions of naira were being sprayed indiscriminately.
“This is a country where some people can’t withdraw N5,000, yet others are throwing bundles of cash into the air at parties. Something is clearly wrong,” he lamented.
A Point of Sale (PoS) operator identified simply as Precious, also expressed dismay over the difficulty in accessing cash, noting that her business has been affected.
“I was shocked to see people online spraying new notes when banks keep telling us there’s no cash,” she said.
Also speaking, a public affairs analyst, Mr Michael Abiodun, described the trend as a reflection of a failed system. According to him, the ease with which certain individuals gain access to new naira notes is a pointer to collusion between banks and party organisers.
“How can the EFCC ignore clear video evidence of abuse of the naira? Why are only select individuals being prosecuted?” he queried.
A certified national accountant, Mr Abiodun Shittu, noted that the disparity in cash access points to policy inconsistencies by the apex bank.
“Banks restrict withdrawals for the average citizen, but billions of naira show up at social events. That raises serious questions,” he added.
On his part, a chartered accountant, Mr Joseph Adeyiwola, said the increasing trend of naira abuse is partly due to the government’s failure to enforce its financial laws.
“The culture of impunity surrounding the naira is now a societal issue. The failure to prosecute defaulters emboldens others,” he noted.
An economist and consultant, Elder Fessy Olabode, attributed the phenomenon to a combination of cultural and systemic failures.
“We must educate our people through national orientation programmes. The CBN and EFCC also need to investigate how new notes reach party venues in such volumes,” he advised.