Crime

CBN, EFCC Storm Gombe Banks To Ensure Cash Circulation

Published

3 years ago

6 February 2023

BY NAJIB SANI, GOMBE

As part of measures to ensure that the new naira notes distributed to banks are not hoarded, the Central Bank of Nigeria (CBN) officials alongside the personnel of the Economic and Financial Crimes Commission (EFCC) on Monday stormed the commercial banks in the Gombe state to monitor how they attend to the people during the ongoing cash swap.

Director Development Finance Department (DFD) of CBN Philip Yila Yusuf led the team during the monitoring exercise.

He explained that the monitoring of the commercial banks was to enforce compliance with the new CBN guidelines towards ensuring that cash released to banks are made available to the public.

He cautioned the commercial banks against hoarding the new naira notes from the public saying any attempt to do so is a sabotage which will not be condoned.

Philip Yila Yusuf revealed that the challenges observed by them during the monitoring visits was with the Automated Teller Machines (ATMs) adding that the management of the concerned banks were engaged in order to improve circulation of the new notes through the ATMs.

“We are enforcing the directive of the CBN governor, Mr. Godwin Emefiele who has directed banks to commence paying customers new Naira notes Over The Counter (OTC), subject to a maximum daily payout limit of N20,000. The exercise was to also reduce queues around ATMs in the state”. He noted.

The commercial banks visited include Polaris, Keystone, Zenith, Unity, Heritage, First Bank, Access, UBA and Union banks in Gombe State.