Cash crunch: CBN disburses N860m to Edo banks

As part of efforts to cushion the hardship faced by customers in accessing redesigned naira notes, the Central Bank of Nigeria, (CBN), said it has disbursed  over a billion naira to commercial banks in Edo State in a span of three days.

According to the Apex bank:  “we are pushing out money regularly. On Sunday, we gave banks N400 million. That is why they were paying money on Monday. We gave out N200 million on Monday and today we have given out N460 million.

Director, Risk Management, CBN, Abuja, Dr. Blaise Ijebor, disclosed this in Benin City, Tuesday, where he implored citizens to explore alternative means of transactions to ease the demand for cash in the economy.

He noted that the CBN is expecting a shipment of new notes, which will be dispensed through ATMs, adding that by tomorrow (Wednesday), the ATMs that are empty will start working.

Igiebor said: “We are doing everything within our power to improve the situation. We have allowed banks to pay over the counter with the limit of N20,000 payable to each person. 

“We also gave money to microfinance banks to pay over the counter with a maximum of N10,000. The microfinance banks are to concentrate on the rural communities.

“I have been around the metropolis this morning to inspect bank branches and Automated Teller Machines (ATM) and I can tell you the crowds are reducing because we are making payments. 

“We will continue to do everything within our power to improve the situation.”

He also called on POS operators and others selling the new naira notes to desist from such acts, as actions will be taken against anyone caught engaged in such acts.