CBN Promises More Naira Notes In Ogun Banks As Abiodun Visits The Apex Bank
Central Bank of Nigeria (CBN) says customers on Ogun State, will have more cash as from today, as Governor Dapo Abiodun paid a surprise visit to the branch of the apex bank in Abeokuta, the Ogun State capital.
The apex bank assures the restive banks’ customers that it has enough of the newly designed naira notes to distribute to banks across the state.
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Controller of the CBN branch in Abeokuta, Wahab Oseni, gave the assurance while receiving Governor Abiodun and members of his cabinet and the speaker of the state house of assembly Olakunle Oluomo at the bank’s office at Oke Ilewo on Monday.
The governor also met with members of the bankers committee at the governor’s office during which an agreement was reached on easing the scarcity of the naira notes
Oseni said that 40 per cent of the naira notes just taken delivery of, would be allocated to money agents, 30 percent for payment across the banks’ counters, and 30 per cent to the Automated Tellers Machines (ATM).
The CBN controller added that micro finance banks would be considered in the sharing arrangement
The governor who expressed concern over the harrowing experience people in the state were been subjected by banks to access their deposits, offered to join the CBN team in monitoring the distribution of the naira notes by the CBN.
The governor appealed to youths in the state not to embark on protests which might shut down the economy of the state.
According to Abiodun, any form of protests would create more problems for the state.
Abiodun, however, urged the CBN to ensure the availability of new notes at commercial banks for people to withdraw their money.
The governor explained that he was compelled to visit the state branch of the CBN as the “landlord to find out how we can collaborate to ensure the success of the CBN policy on the new notes and currency swap”.
“I’ve met with the President and CBN governor. It is within the right of the CBN by law and as enshrined in the Constitution.
“Our people went out in their numbers but our people who deposited money and felt they would have as much money as they had deposited or need for their daily needs and welfare and wellbeing.
“We’ve had to suspend our campaigns. I met with people over the weekend who said to me that they have not eaten for days, especially, those from the informal sector.
“As a governor, whose primary function is the welfare and security of our people, I need to find out how we can interact with you to see how we can improve on the current level of distribution of the currency to diffuse tension”, Abiodun submitted.
The governor appealed to youths in the state not to embark on any civil disobedience and noted that such actions would only shut down the economy of the state and make things much more difficult.
“I want to use this medium to talk to our youths that when there is a problem, the solution is not to hit the streets and to start protest marches; we can not solve a problem with another problem.
” I want to encourage them that rather than sending social media announcements of impending disobedience around town, we are a very peaceful state, we are very orderly and we have spent a lot of time and energy in investing in that peace and security.
“You cannot because of this problem now want to begin to hit the street to shut down the system and by so doing, shut down investors. We are here in CBN, give us time to expect an end to this crisis,” he demanded.
Earlier in his remarks, the state controller of the Central Bank of Nigeria, Wahab Oseni pleaded with the people to exercise patience.
He assured the people of the state that they will start having access to more cash as of tomorrow, Tuesday, February 6th, 2023.
Oseni while noting that the Ogun State branch of the bank has enough cash to distribute among commercial banks in the state, disclosed that the bank has come up with a plan that would see 40% cash disbursed to money agents, 30% paid across the counter and 30% paid through the Automatic Teller Machine.
He also added that Microfinance banks in the state have also been added to the plan of cash disbursement across the country.
At the meeting were representatives of the Central Bank of Nigeria from Lagos and Abuja, Mr Adefuye Adeyemi and Mr Kayode Makinde while assuring the good people of the state that the situation will improve tomorrow, noted that the bank would ensure full compliance by commercial banks on the disbursement of cash.
Both the controller and the State government team led by Gov. Abiodun later had a session with commercial bank executives in his office on modalities agreed upon with the apex bank to ease the naira scarcity facing the people.
Governor Dapo Abiodun of Ogun State with the Branch Controller of Central Bank of Nigeria, Abeokuta Branch, Mr Wahab Oseni, on Monday, when he met with the CBN management.
