Business/Banking & Finance

Naira scarcity: CBN pledges to supply banks with more funds in Kogi

The Central Bank of Nigeria (CBN) on Thursday pledged to supply commercial banks with enough funds to address the new Naira note scarcity in Kogi.

The branch controller of the CBN in Kogi, Mr. Ahmed Sule made the pledge in his office in Lokoja.

Protesters had on Wednesday picketed some commercial banks over alleged noncompliance with the CBN’s directive to make the new notes available to citizens across the country.

The branch controller, who admitted that the scarcity of the new Naira might have resulted to some banks not opening for customers on Wednesday and Thursday, expressed worry over the attitude of some banks in dispensing the mints.

“I wish to announce to you that we are expecting our stock of the New Naira notes very soon for distribution to the commercial banks operating here in Kogi.

“We are aware of the difficult times our fellow citizens are in right now, and we expect the banks to help ameliorate the people’s sufferings by dispensing as we so directed them.

“We will soon invite them (banks) to come for their allocations as we are expecting it today, being Thursday.

“What we give the banks is weekly allocations, and a very substantial one for the week,” he disclosed.

Sule advised the banks to stick to the instructions of dispensing N20, 000 over the canter or Automated Teller Machines (ATMs) to help ameliorate people’s sufferings.

He warned that any erring bank would face the wrath of the apex bank, which he said meant well for the economic transformation of the country as regards the redesigned naira policy.

A check at the banks, which were picketed on Wednesday, showed only Access bank and Unity bank opened for Businesses for their customers.

One of Union Bank officials, who spoke in anonymity, said that there was no point opening for customers when there were no funds.

“As early as 6.00 a.m., we rushed to the CBN office with the hope of getting our allocation but we couldn’t get it.

“We don’t manufacture or print money here, so we can’t open to customers. What we are doing is assist those who want to transfer funds by giving them the forms to fill and then we transfer the funds, ” she explained.

Nevertheless, as at the time of filing this report, gates of Union, Zenith, GTB and First Banks remained closed to customers as their ATMs were not dispensing cash. 

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