The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) says the reintroduction of old N200 notes will not solve the raging crisis sparked by scarcity of cash in the polity.

President Muhammadu Buhari on Thursday ordered the Central Bank to return old N200 notes back into circulation just days after the apex bank phased out higher denominations of the naira.

But at a news conference on Thursday, ASSBIFI president Olusoji Oluwole said that there was need for the Central Bank of Nigeria (CBN) to fully engage all relevant stakeholders in immediately looking beyond printing new notes as recommended by the council of state.

According to him, the apex bank should instead fashion out immediate ways to enhance alternative means of transactions that would be devoid of failures and restore confidence in the cashless system.

“As far as we are concerned, the release of the old N200 notes or the printing of new notes are not the real solution to the matter.

“It is something that is desired, but we must look at the alternatives that are there, and begin to build those alternatives immediately; you do not have to wait until the next crisis to start looking at those things.

“These are things that should have been addressed; we spoke about infrastructure; penetration; the people in the rural area; the unbanked still depend on cash.

“So, If we are not careful, what is going to happen is that we are still going to end up where we started from: having the same amount of currency that the government is trying to mop up with the statement that has been made,” he said. 

The ASSBIFI boss also appealed to Nigerians to remain patient and understanding, rather than attacking banks, which would only increase the crisis.

Mr Oluwole said that such attacks had amounted to personal losses by innocent Nigerians and injuries sustained by members of the public, while members in the Insurance sector were faced with claims of more than N2 billion.

(NAN)