Cash Scarcity: Abiodun Meets CBN, Bankers Committe...Assures Residents In Ogun Of Relief In Getting New Naira Notes - EDU-BIZNEWS


Monday, February 6, 2023

Cash Scarcity: Abiodun Meets CBN, Bankers Committe...Assures Residents In Ogun Of Relief In Getting New Naira Notes

Residents in Ogun State, particularly bank customers have been assured of getting the newly redesigned naira notes as from this Tuesday ,following an unscheduled visit of Governor Dapo Abiodun to the Abeokuta branch of the Central Bank of Nigeria (CBN)  

The governor visit to the Apex bank on Monday, is to seek relief on the amounts that citizens can withdraw in exchange for deposits made in commercial banks.

For the past two weeks, customers have been besieging their respective commercial banks across the country to get the new naira notes of N200, N500 and N1,000, in exchange for the old notes already deposited which is now causing untold hardship on the people who are searching for cash to carrying out their daily commercial activities and other transactions 

But Abiodun during the visit to CBN,    offered to lend members of his cabinet to monitor cash distribution to banks to ensure that no commercial bank or their agents hoard the new naira notes in the state.

The governor stated these when he visited the management of the apex bank led by the Branch Controller, Wahab Oseni, in Abeokuta. 

Abiodun who later met with Bankers Forum, made up of managers of commercial banks in the state, also extracted a commitment from both the CBN and commercial banks to make cash available to bank customers from this Tuesday.

According to the governor, it is disappointing to see long queues of residents at Automated Teller Machines (ATMs), waiting to cash money from the system with so much stress and some not getting enough to meet their immediate needs.

He added that it is humiliating that those who were attended to were paid not more than two thousand naira per transaction. 

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 that 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" the governor said.

"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'", Abiodun stated  

"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", he added

"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 in order to diffuse tension", Abiodun submitted.

The governor who appealed to the youths in the state not to embark on any civil unrest, 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 plead with our youths that rather than sending social media announcements of impending disobedience around town, they should embrace peace.  We are a very peaceful state; we are very orderly and we have spent a lot of time and energy to invest 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 commercial activities," he 

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 from this  Tuesday, February 7th, 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 Tuesday noted that the bank would ensure full compliance by commercial banks on the disbursement of cash.

Both the controller and the State Governmentteam led by Gov. Abiodun later had a session with commercial bank executives in his office to on modalities agreed with the apex bank to ease the naira scarcity facing the people

L-R: Controller, Ogun State branch of the Central Bank of Nigeria, Mr Wahab Oseni; Ogun State Governor, Prince Dapo Abiodun and the Speaker, Ogun State House of Assembly, Olakunle Oluomo after a meeting on the cash swap crisis with the bank management at the CBN office in Abeokuta on Monday

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