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EFCC, CBN officials in Zenith, UBA, Access, Keystone, First Bank over naira scarcity

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

The CBN team was led by Yusuf Philip-Yila, the director at the Development Finance Department, CBN Directorate Headquarters.

Mr Philip-Yila said the monitoring exercise was to enforce compliance with the new CBN guidelines towards ensuring that cash released to banks was made available to the public. He stated that the exercise was also part of efforts to guard against violation of CBN guidelines, as well as address challenges militating against cash circulation in the state.

The CBN director noted that the visit was also to caution banks against any attempt to sabotage the circulation of the new notes in Gombe and added that during the visit, some challenges observed, especially with cash dispensing through automated teller machines (ATMs) were addressed.

He said the managements of the concerned banks were engaged to improve the circulation of the new banknotes through ATMs, stressing that more new banknotes had been made available to commercial banks, to improve the ease of doing business, and make new banknotes more available to residents.

“We are enforcing the directive of the Governor, Mr Godwin Emefiele, who has directed banks to commence paying customers, new naira notes over the counter, subject to a maximum daily payout limit of N20,000,” he said.

The CBN official said the exercise would reduce queues at ATMs in Gombe.

The combined team of the CBN and EFCC visited Polaris, Keystone, Zenith, Unity, Heritage, First Bank, Access, UBA and Union banks.


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