Home News Money Crunch: Nigerian banks no longer bear money to pay customers, says Afe Babalola

Money Crunch: Nigerian banks no longer bear money to pay customers, says Afe Babalola

by Good News

Upright luminary, Afe Babalola, on Monday decried the hot dearth of income banks, declaring that it kills faster than COVID-19, and calling for the federal authorities intervention.

“COVID-19 is considered a perilous and dreaded epidemic which kills its victims but I dare allege that money crunch kills faster and no doubt can waste more folks than the pandemic,” Mr Babalola mentioned in an announcement issued on Monday in Ado-Ekiti.

The notorious felony reliable mentioned banks now lack cash, insisting that the Central Bank of Nigeria and commercial banks bear inflicted a cash crunch on customers at some stage within the nation.

Mr Babalola, who will be the founder of Afe Babalola University, Ado-Ekiti (ABUAD) mentioned “the money crunch is being felt in almost all aspects of the nation. Many banks bear turned customers help for lack of funds, while those who gained entrance into the banking halls went home upset.

“Customers can now not withdraw cash from the ATM machines in my university. The banks working within the establishment also don’t bear any cash to pay to customers.

“The saving grace is that the students who rely on ATM machines are on vacation,” he mentioned.

The ethical luminary mentioned the nation’s economic improve became once identified to be on the total trade-by-barter dependent, whereby traders exchanged items for cash.

He mentioned that within the mean time, most Nigerians including market females, transporters, hawkers, vulcanizers, plumbers, roadside mechanics, and hair-dressers earned their dwelling from day after day gross sales. 

Nonetheless Mr Babalola believes that this substantial half of Nigerians suffers the money crunch more than the effectively off ones in absence of gross sales through cash.

“The accepted African adage is that “when starvation is eradicated from one’s issues, the final issues change into more straightforward to unravel.

“A man without cash will absolutely lag without meals; he becomes hungry. Clearly, a hungry man becomes an angry man, and an angry man becomes violent,” he mentioned.

The ethical luminary extra mentioned that a violent man would possibly well well waste, behave irrationally and even commit suicide.

Mr Babalola acknowledged the fact that cashless policy thrived in developed worldwide locations, adding, nevertheless, that fundamental cash would possibly well well unbiased now not be in high question in Nigeria thanks to the policy.

”Sure, it most productive works on listing of their governments bear created enabling environments for such technology to thrive.

“Although the motive is to totally put into effect a cashless policy, then a sturdy exchange administration policy will must had been build in area in clarify to now not inflict hardship on the loads,” he mentioned.


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