- info@thetraffic.ng
- 7 Nasir El Rufai Crescent, Guzape
- Apple honors eight developers with annual Apple Design Awards
- PRESIDENT TINUBU’S MINING REFORMS YIELD SIX-FOLD INCREASE IN REVENUE, $800M FOREIGN INVESTMENT, REVEALS ALAKE
- Shettima Vows Federal Backing for Nigerian Investors: A Billion-Dollar Economy in Sight
- JAMB Raises Bar for Under-16 Admission as 599 Gifted Candidates Score Above 320 in UTME
- CPC Bloc Reaffirms Commitment to APC
- National Sports Commission Convenes Strategic Meeting With Sports Federations’ Presidents and Secretaries
- Nigeria Declares Bitcoin & Other Virtual Assets as Official Securities in Bold New Law
- Osinachi’s Husband Sentenced to Death by Hanging
- Court of Appeal Upholds IPOB’s Terrorist Status – What This Means for Nnamdi Kanu
- IG Orders Arrest Of Cops’ Killers During Abuja Shi’ite Procession
A prosecution witness in an ongoing Economic and Financial Crimes Commission (EFCC) case has alleged that commercial banks played a significant role in the 2022 naira scarcity that disrupted economic activities across Nigeria.
Testifying before the court, the witness claimed that certain financial institutions engaged in practices that worsened cash shortages during the currency redesign period. According to the testimony, hoarding, delayed disbursement, and preferential allocations contributed to the crisis experienced by businesses and citizens.
READ ALSO: Real Madrid Dream: Chelle Speaks on Coaching Ambition
The EFCC is prosecuting individuals and entities linked to alleged financial misconduct surrounding the cash crunch, which sparked nationwide queues at ATMs, protests, and operational difficulties for traders.
During proceedings, the witness stated that internal banking operations and distribution patterns were inconsistent with regulatory directives at the time. The claims suggested that while new currency notes were introduced, accessibility challenges were aggravated by actions within the banking system.
Defence counsel challenged the allegations, arguing that broader economic and logistical factors were responsible for the scarcity. Lawyers insisted that banks operated under constraints imposed by policy transitions and cash management directives.
The 2022 naira shortage followed the Central Bank of Nigeria’s currency redesign initiative, a move authorities said was aimed at curbing counterfeiting, reducing cash-based crimes, and encouraging digital payments.
Economic analysts note that the crisis had far-reaching consequences, affecting retail transactions, transport systems, and informal sector operations heavily dependent on cash.
Regulatory authorities previously acknowledged implementation challenges but maintained that the policy’s objectives were sound. Several investigations were launched into alleged hoarding and illegal cash sales.
The case continues, with the EFCC expected to present additional witnesses as the court examines the extent of accountability.
