Redesigned Notes not for storage but exchange
We’ve enough money in the vault
Chima Azubuike
The Central Bank of Nigeria, Director Development Finance, Philip Yusuf-Yila, has revealed that Gombe branch of CBN has enough money in its vault, ruling out scarcity of funds by commercial banks as cause not to comply with directives.
Yusuf-Yila disclosed this in an interview with journalists alongside his team at Heritage Bank, while undertaking assessment tour on the redesigned notes policy in the state.
He stated his dismay, following alleged technical glitch that affected one of its Automated Teller Machine, adding that if not resolved early the funds would be moved to another branch to ensure adequate circulation.
“I’m quite pleased with what I have seen on ground today the conduct of most of the customers. I have visited quite alot of the banks and I have also been to our office the Central Bank I have looked at how much cash we are carrying, taking it not only to Gombe town. I’m also concerned about the other major cities Billiri, Kaltungo and other places. Most importantly, the branch has been dispensing cash to its customers through different channels; either over the counter, ATMs. we have visited the super agents just ensuring that the process is seamless, we are in Heritage Bank and you can see one ATM is not working and I’m quite displeased about it, if you have two of the ATMs running the crowd will gradually disappear. I have told my other colleagues if the ATM issue is not resolved we move the cash to any other branch so that we can move the money around.
“I have not gotten the report (of banks underpaying), I was at Union Bank yesterday, I even asked them to increase the tellers. All the banks I visited are all paying 20,000. We have enough at the vault at the Central Bank to be able to push out.”
While urging commercial banks to desist from sabotaging the policy, Yusuf-Yila called on customers to stop hoarding the new naira notes adding that as a means of exchange it should be used.
‘I can’t begin to give out such figures (how much has been pushed by the CBN), as you can see the crowd is begining to disappear, in my interactions you see people are coming to transact. What we advice cash is a medium of exchange and it is not a medium of storage. What I’m seeing is that alot of people are storing it and are not using to do business. More sensitisation is needed from us myself and my colleagues,” Yusuf-Yila added.
On why those yet to embrace internet banking should get involved, the Director said, “Financial inclusion is a key agenda for us we have relaxed requirements for account opening for those who have cash at home to use the opportunity to deposit their money, and open their account.”
