{"id":85585,"date":"2023-04-04T12:22:09","date_gmt":"2023-04-04T11:22:09","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits"},"modified":"2023-04-04T13:52:35","modified_gmt":"2023-04-04T12:52:35","slug":"nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits","title":{"rendered":"Nigeria banking sector risks collapse as customers shun cash deposits"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The Nigerian economy has started recovering from the three-month-long naira scarcity, but there is another brewing risk of a possible banking sector collapse as customers shun cash deposits.<\/p>\n

The development is a spill-over effect of the Central Bank of Nigeria\u2019s poorly implemented Cashless Policy, which caused Nigerians untold nightmares and hardship.<\/p>\n

However, CBN\u2019s massive evacuation of banknotes to commercial banks on March 24, 2023, had served as the antidote to the currency crisis challenge, though many Nigerians described the move as late.<\/p>\n

But, the respite looks short-lived, following a heightened tension of banks\u2019 insolvency amid customers declining steam to deposit cash and conduct other transactions.<\/p>\n

DAILY POST gathered that Nigerian banks\u2019 assets rose by 10.72 trillion nairas ($22.61 billion) between August 2021 and August 2022 to hit 66.76 trillion naira ($151.49 billion), according to CBN\u2019s data.<\/p>\n

Meanwhile, Adaeze Okolie, a resident of Abuja, said, \u201cI 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\u2019s banking system. It was appalling, I could not withdraw for months, and online transactions were equally frustrating. Many Nigerians have learnt their lessons\u201d.<\/p>\n

Also, Usman Abdullahi, a yam seller in Suleiman Market, said, \u201cHe would rather keep his money rather than go to the bank to deposit cash or better look for other means\u201d.<\/p>\n

A PoS operator in Utako Market in Abuja, Augustine Chukwu, said, \u201cI collect cash from market men and women; I rarely visit the banking hall\u201d.<\/p>\n

But Abdul Imoye, the Head of Media Relations at Access Bank PLC, confirmed to DAILY POST 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.<\/p>\n

According to him, what is happening now is typical of the Nigerian mentality, but business would bounce back in time.<\/p>\n

\u201cIt is due to the \u2018Nigerian mentality\u2019; 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\u201d, he said.<\/p>\n

Also, The CEO of SD & D Capital Management, Mr Idakolo Gbolade, said bank customers\u2019 behaviour towards cash deposits is a natural resentment.<\/p>\n

\u201cThe 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.<\/p>\n

\u201cBank customers went through hell to make withdrawals from their deposits, so it is natural for resentment regarding depositing their funds back to the banks.<\/p>\n

\u201cThis trend will continue for months before depositors adjust accordingly.<\/p>\n

\u201cThe economy will gradually bounce back with cash infusion into the system,\u201d he stated.<\/p>\n

Last Month, Nigerian Deposits Insurance Corporation, NDIC, with the primary responsibility to protect Depositors, reaffirmed that it is committed to ensuring a solid banking system in collaboration with the CBN.<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The Nigerian economy has started recovering from the three-month-long naira scarcity, but there is another brewing risk of a possible banking sector collapse as customers shun cash deposits. The development is a spill-over effect of the Central Bank of Nigeria\u2019s poorly implemented Cashless Policy, which caused Nigerians untold nightmares and hardship. However, […]<\/p>\n","protected":false},"author":84,"featured_media":85583,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[1570,2140,503,254],"class_list":["post-85585","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-nigeria-2","tag-cbn","tag-nigeria"],"yoast_head":"\nNigeria banking sector risks collapse as customers shun cash deposits - Nigeria<\/title>\n<meta name=\"description\" content=\"The Nigerian economy has started recovering from the three-month-long naira scarcity, but there is another brewing risk ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria banking sector risks collapse as customers shun cash deposits\" \/>\n<meta property=\"og:description\" content=\"The Nigerian economy has started recovering from the three-month-long naira scarcity, but there is another brewing risk ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-04T11:22:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-04T12:52:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/04\/postQueueImg_1680594738.41.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Nigeria banking sector risks collapse as customers shun cash deposits\",\"datePublished\":\"2023-04-04T11:22:09+00:00\",\"dateModified\":\"2023-04-04T12:52:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits\"},\"wordCount\":497,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/04\/postQueueImg_1680594738.41.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"CBN\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits\",\"name\":\"Nigeria banking sector risks collapse as customers shun cash deposits - Nigeria\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/04\/postQueueImg_1680594738.41.jpg\",\"datePublished\":\"2023-04-04T11:22:09+00:00\",\"dateModified\":\"2023-04-04T12:52:35+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"The Nigerian economy has started recovering from the three-month-long naira scarcity, but there is another brewing risk ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/04\/postQueueImg_1680594738.41.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/04\/postQueueImg_1680594738.41.jpg\",\"width\":1200,\"height\":675,\"caption\":\"Nigeria banking sector risks collapse as customers shun cash deposits\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/nigeria\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Nigeria banking sector risks collapse as customers shun cash deposits\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#website\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/\",\"name\":\"Africa Press | Nigeria | Homepage\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/nigeria\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/author\/cfeditoren\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Nigeria banking sector risks collapse as customers shun cash deposits - Nigeria","description":"The Nigerian economy has started recovering from the three-month-long naira scarcity, but there is another brewing risk ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits","og_locale":"en_US","og_type":"article","og_title":"Nigeria banking sector risks collapse as customers shun cash deposits","og_description":"The Nigerian economy has started recovering from the three-month-long naira scarcity, but there is another brewing risk ...","og_url":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits","og_site_name":"Nigeria","article_published_time":"2023-04-04T11:22:09+00:00","article_modified_time":"2023-04-04T12:52:35+00:00","og_image":[{"width":1200,"height":675,"url":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/04\/postQueueImg_1680594738.41.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Nigeria banking sector risks collapse as customers shun cash deposits","datePublished":"2023-04-04T11:22:09+00:00","dateModified":"2023-04-04T12:52:35+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits"},"wordCount":497,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/04\/postQueueImg_1680594738.41.jpg","keywords":["Africa Press","Africa Press-Nigeria","CBN","Nigeria"],"articleSection":["all news","Economy"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits","url":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits","name":"Nigeria banking sector risks collapse as customers shun cash deposits - Nigeria","isPartOf":{"@id":"https:\/\/www.africa-press.net\/nigeria\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/04\/postQueueImg_1680594738.41.jpg","datePublished":"2023-04-04T11:22:09+00:00","dateModified":"2023-04-04T12:52:35+00:00","author":{"@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"The Nigerian economy has started recovering from the three-month-long naira scarcity, but there is another brewing risk ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits#primaryimage","url":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/04\/postQueueImg_1680594738.41.jpg","contentUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/04\/postQueueImg_1680594738.41.jpg","width":1200,"height":675,"caption":"Nigeria banking sector risks collapse as customers shun cash deposits"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-banking-sector-risks-collapse-as-customers-shun-cash-deposits#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/nigeria\/"},{"@type":"ListItem","position":2,"name":"Nigeria banking sector risks collapse as customers shun cash deposits"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/nigeria\/#website","url":"https:\/\/www.africa-press.net\/nigeria\/","name":"Africa Press | Nigeria | Homepage","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/nigeria\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","url":"https:\/\/www.africa-press.net\/nigeria\/author\/cfeditoren"}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts\/85585","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/comments?post=85585"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts\/85585\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/media\/85583"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/media?parent=85585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/categories?post=85585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/tags?post=85585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}