CBN monitors N20,000 OTC compliance in Gombe
By Chima Azubuike
The Central Bank of Nigeria has commenced monitoring across commercial banks in Gombe State to ensure compliance of 20,000 Over The Counter (OTC).
Our Correspondent reports that some of the commercial banks visited include; Polaris, Keystone, Zenith, Unity, Heritage, First Bank, Access, UBA and Union banks in Gombe State.
Leading the assessment team, comprising Economic and Financial Crimes Commission, Philip Yusuf-Yila, the Director, Development Finance Department, CBN Directorate Headquarters said the monitoring was carried out to ensure proper circulation of the new naira notes in the state.
Yusuf-Yila disclosed that monitoring of the commercial banks was to enforce compliance with the new CBN guidelines towards ensuring that cash released to banks were made available to the public.
The Director 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.
According to him, some of the issues observed especially with cash dispensing through Automated Teller Machines (ATMs) were addressed, stressing that management of the concerned banks were engaged in order to improve circulation of the new notes through the ATMs.
Yusuf-Yila said, “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 (OTC), subject to a maximum daily payout limit of N20,000.”
The head of Gombe delegation assured that the exercise was to also reduce queues around ATMs in the state.
