By Tolulope Oyewumi
The Nigerian banking sector faces a crisis of trust and transparency due to unusual cash dispensation patterns. Despite cash scarcity at banks’ ATMs and tellers, street vendors offer cash at a premium via Point of Sale machines, particularly in Lagos.
This trend emerged after the Central Bank of Nigeria’s naira redesign in 2023. Allegations of collusion between top bank officials and street vendors have raised concerns about extortion, economic sabotage, and the integrity of the banking system.
Investigations and accountability are crucial to address these issues and restore public trust. The scarcity of cash at traditional banking channels, contrasted with the availability of cash from street vendors, suggests a systemic issue within the banking sector. The Central Bank of Nigeria and top bank managements must be held accountable for this malfeasance and ensure the interests of the public are protected.”