✕ CLOSE Online Special City News Entrepreneurship Environment Factcheck Everything Woman Home Front Islamic Forum Life Xtra Property Travel & Leisure Viewpoint Vox Pop Women In Business Art and Ideas Bookshelf Labour Law Letters

Naira Scarcity: Abiodun storms CBN, demands release of cash

Governor Dapo Abiodun of Ogun State, on Monday, stormed the state’s branch of Central Bank of Nigeria (CBN) in Abeokuta, and engaged the officials over…

Governor Dapo Abiodun of Ogun State, on Monday, stormed the state’s branch of Central Bank of Nigeria (CBN) in Abeokuta, and engaged the officials over growing hardship created by the new notes scarcity.

Abiodun flanked by the Speaker of House of Assembly, Olakunle Oluomo, and other government officials paid an unscheduled visit to the Abeokuta branch of CBN.

The governor also met with Bankers Forum, made up of managers of commercial banks in the state.

Abiodun directed the state branch of Central Bank of Nigeria (CBN) and management of commercial banks operating in the state to make cash available to residents of the state.

APC Postpones Tinubu’s Oyo rally as Ibadan boils over Fuel/Naira Crises

Three APC Governors sue FG over naira scarcity

This, the governor said who relieve residents of the hardships they face at banks waiting to withdraw money.

Abiodun also offered to lead 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.

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.

“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 in order to diffuse tension”, Abiodun submitted.

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 tomorrow, 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.