CBN disburses over N1bn to commercial banks in Edo

The Central Bank of Nigeria (CBN), on Monday in Benin City, Edo State, disclosed that it has disbursed over 1 billion naira to commercial banks in the state for onward payment of their customers.

Dr. Blaise Ijebor, the Director, Risk Management Department of the apex bank made the disclosure while briefing journalists on the efforts made thus far by CBN to cushion the issue of naira scarcity in the country.

He said that the bank has allowed commercial banks to pay over the counter up to a minimum of N20,000 per person in a day, and appealed for calm from residents in Edo as more of the new redesigned naira notes will be available next week in the state.

The CBN Director who was flanked by the State Branch Controller, CBN, Mr. Renner Jumbo, Commissioner of Communication and Orientation, Chris Enehikhare, Special Adviser to the State Governor on Media and Strategic Communication, Pastor Crusoe Osagie, appealed to the people to use the available alternative means of bank Apps, USSD and POS for transaction that do not need physical cash.

He said: “Given the change of the naira notes to a new redesigned naira notes and our push to have a cashless society which is also supported by Edo State Government, we are encouraging everybody to use alternative means of payment for transactions that do not need cash.

“But for those who need cash for payment, we are making arrangement for that. In fact, since Sunday, we have given out over 1 billion naira to banks in Edo State to make available to customers.

“We have also allowed banks to pay over the counter up to a minimum of N20,000 per person per day. Some banks because of crowd might reduce the amount so that everybody will get something

“We are expecting more of the new redesigned naira notes to land in Benin City in few days hopefully.

“We have also made sure that all bank branches have some cash to give out and we are going to make more cash available everyday throughout this week.

“We have also made provision for Banks agents in various villages across Edo State to also have cash so that they can payout and do exchange.

“We will fill most ATMs’ by tomorrow so that people can go to ATM again and withdraw”, he assured.

Dr. Ijebor then warned POS agents in the state not to engage in any sharp practice or charged customers more than N100 per every N5000 withdraw as CBN would instruct their banks to withdraw their operating license.

While calling for collaboration from the people in order to have a better economy in the country, Ijebor disclosed that CBN is working closely with the state government with regards to the proposed residency card of the state government, which he said would also be used to make payment when available.

Also speaking, the Edo Commissioner for Communication and Orientation Mr. Chris Nehikhare, said the state government has intensified efforts towards ensuring the availability of the new notes in the state

He assured that the government in collaboration with CBN would monitor the disbursement of the new naira notes, expected in few days in Edo, just as he noted that the move was to ensure that naira motes are available for the people.

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