NewsNigeriaPoliticsNew naira notes:  CBN, EFCC enforce cash circulation compliance in Gombe

To ensure proper circulation of the new naira notes, the Central Bank of Nigeria (CBN)  in collaboration with the Economic and Financial Crimes Commission  (EFCC) visited some commercial banks in Gombe metropolis to monitor compliance with the circulation of the new naira notes in the State.

Mr. Yusuf Philip-Yila, Director of, the Development Finance Department, CBN Directorate Headquarters, led the team, and also had in his team, personnel of the EFCC who were expected to ensure that cash released to the banks was made available to the public.

According to Yila, the exercise was to enhance full compliance with CBN’s directives to commercial banks on over-the-counter payment of N20,000 daily withdrawals by customers.

The CBN official stated that the exercise was part of efforts to guard against violation of the guidelines as well as address challenges militating against cash circulation in the state, and stressed that the visit afforded the apex bank an opportunity to interact as well as caution commercial banks against attempts to sabotage the circulation of the new notes.

The apex bank official disclosed that some of the challenges observed especially with cash dispensing through Automated Teller Machines (ATMs) were addressed during the visit, and noted that the management of the concerned banks was engaged in order to improve circulation of the new notes through the ATMs.

According to him, more of the new notes have been made available to commercial banks towards improving the ease of doing business and also to make the new naira notes readily available to citizens of the state.

He said, “We are enforcing the directive of the CBN Governor, Mr. 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.”

Yila disclosed that the exercise was also intended to reduce queues around ATMs in the state.

The commercial banks that were visited include, Polaris, Keystone, Zenith, Unity, Heritage, First, Access, UBA, and Union banks in Gombe State.

By Uzoamaka Ikezue (Staff Reporter)

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