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Cash Scarcity: Governor threatens to revoke land titles of banks hoarding new Naira

Borno State Governor (Prof.) Babagana Zulum (right) in a Banking Hall, in Maiduguri, on a Situation Assessment Tour Photo: Channels TV

*Borno State Governor (Prof.) Babagana Zulum laments the unavailability of both old and new Naira notes ‘is adversely affecting commercial activities in the state and people are suffering’

Isola Moses | ConsumerConnect

Borno State Governor (Prof.) Babagana Zulum has warned that any bank refusing to dispense new Naira notes to consumers via their Automated Teller Machines (ATMs) and banking halls should have its land revoked in the North-East state.

Prof. Zulum issued the directive Friday afternoon in Maiduguri, the Borno State capital, after visiting branches of some commercial banks to assess problems being faced by residents in trying to receive new Naira notes, Channels TV report said.

It was learnt there were long queues customers waiting to get cash at the ATMs amid acute scarcity and hopelessness in the area at the time of the governor’s visit.

The Borno Governor stated: “Any bank in Borno State that is not willing to ensure their ATMs are fully dispensing new Naira notes cash to ease the suffering of our people, we will withdraw their land title immediately.

“We will only spare Banks with genuine constraints that are verifiable.”

He expressed dissatisfaction that “many people are said to be here since 3a.m, some could not even eat anything.

“The new Naira note and even the old ones are not available and that is adversely affecting commercial activities in the state and people are suffering.”

Zulum noted:

“We just released salaries of about 5 billion Naira and the banks don’t have money, some of the ATMs are not working.

“We don’t have any problem with the CBN policy or the withdrawal limit, they said individuals can only withdraw N20,000, but why can’t everyone have access to that N20,000?”

He further explained that “(Thursday), I was in Gubio with a population of over 70,000 people but it was impossible to source N100,000 in the entire local government, neither of the new note nor the old notes.

“A ram that is worth N100,000 is now being sold for N35,000 because people are desperate for cash, and some wicked rich people are going to rural areas to exploit poor people.”

CBN should ensure availability of new notes at commercial banks: Zulum

The governor, however,  urged Central Bank of Nigeria (CBN) to ensure the availability of new notes at commercial banks for consumers to access their money.

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