• Business - Companies
  • Updated: February 07, 2023

Cash Scarcity: CBN, EFCC Officials Visit Banks In Gombe

Cash Scarcity: CBN, EFCC Officials Visit Banks In Gombe

Officials of the Central Bank of Nigeria (CBN) and the Economic Financial Crime Commission (EFCC) on Monday visited banks in Gombe State to ensure proper circulation of the new naira notes in the state.

Yusuf Phillip-Yila, the Director of the Development Finance Department of the CBN Headquarters led the CBN team and said the monitoring exercise is to enforce compliance with the new CBN guidelines towards ensuring that cash released to banks was made available to the public.

He explained further that the exercise is also part of efforts to guard against violation of CBN guidelines, as well as address challenges militating against cash circulation in the state.

He noted that the visit was also to caution banks against any attempt to sabotage the circulation of the new notes in the state.

The CBN official added that during the visit, some of the challenges observed, especially with cash dispensing through Automated Teller Machines (ATMs) were addressed.

He said the management of the concerned banks was engaged in order to improve the circulation of the new notes through the ATMs.

He added that more of the new notes had been made available to commercial banks towards improving the ease of doing business and also to make the new notes readily available to residents of the state.

“We are enforcing the directive of the Governor, 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,” he said.

The CBN officials assured that the exercise would no doubt, reduce queues at ATMs in the state.

According to the News Agency of Nigeria (NAN), the combined team of the CBN and EFCC visited Polaris, Keystone, Zenith, Unity, Heritage, First Bank, Access, UBA and Union banks in Gombe State.

Related Topics

Join our Telegram platform to get news update Join Now

0 Comment(s)

See this post in...


We have selected third parties to use cookies for technical purposes as specified in the Cookie Policy. Use the “Accept All” button to consent or “Customize” button to set your cookie tracking settings