CBN meets commercial banks in Gombe
By Chima Azubuike
In furtherance of the effective implementation of currency redesign project, the CBN Gombe branch said it has received, and accordingly distributed additional supply of the new currency notes to banks in Gombe State.
Disclosing this shortly in a press briefing leader of the CBN redesign team Director of Development Finance Philip Yila, who was represented by Deputy Director Aliyu Ashiru, said the meeting which was alongside EFCC officials, had in attendance all heads of commercial banks discussed the distribution and utilisation strategy.
According to him, the meeting provided an opportunity for both EFCC and CBN officials to warn commercial banks against unwholesome practises.
Yila said, “The meeting was held to smoothen rough edges in the currency redesign policy overtime we have had meetings with them where we drew up strategies as to how to drive the project.
“All the banks attended but some banks are representing some agents. It a normal engagement with the banks if you could recall I think there have been changes to the implementation of the guidelines of the policy there is now an OTC (Over the Counter) of N20,000 the meeting was to explain to them the processes on how it works. There is a ratio we expect them to follow for all the cash a ratio of 40-30-30. 40 per cent payment for agent through their agents, 30 per cent payment over the counter, 30 per cent into their ATM machines.”
Commenting on efforts by the CBN to boost circulation, “As you can see me I’m in causal wear we can here so that we can give the banks money so that they don’t stay throughout the weekend without money in their ATMs. We also want them to pay their first customer at 8am. We have given enough money to service the needs of our customers.”
Speaking on the benefits of cashless policy he added, “the policy has alot of benefits to government, banks and even to the common man. The issues of criminality it benefit cuts across the society.
On the partnership of other security agencies especially the Economic and Financial Crimes Commission (EFCC), “the EFCC and other security organisations have been partnering with us so that we can effectively drive the currency redesign project,” Yila said.
Yila, while appraising the successes of the monitoring of the project, he said, “We had three broad objective to sensitise the public of the existence of such project. Secondly, to hammer on the deadline that was hitherto January 31st, we have engaged traditional and religious rulers, market people to actually sensitise them on the need to put their old notes into the banks, we are happy and am sure if you go to the villages you will see alot of new notes with them.”
