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CBN, EFCC officials take action to maintain cash flow in Gombe


CBN, EFCC officials take action to maintain cash flow in Gombe

By Matthew Atungwu

In order to ensure the proper distribution of the new naira notes in the state, the Central Bank of Nigeria (CBN) and the Economic Financial Crime Commission (EFCC) visited commercial banks in Gombe State on Monday.

Mr. Philip Yila Yusuf, the Director of the Development Finance Department, CBN Directorate Headquarters, led the CBN team, which included other EFCC officials.

According to Yusuf, commercial banks are monitored to make sure that all Automated Teller Machines (ATMs) on bank property are operational so that state residents can access cash for their daily needs.

He added that the team had visited commercial banks in the Gombe metropolis to ensure adherence to the new apex bank’s Over Counter (OTC) directive, which was intended to improve the nation’s cash flow.

He said that there was a need for banks to comply with the new CBN guidelines towards ensuring that cash released to banks was made available to the public.

Yusuf 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.

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He noted that the visits to banks were interactive as well as caution commercial banks against any attempts to sabotage the circulation of the new notes in the state.

The CBN official said during the visit, some of the challenges observed especially with cash dispensing and shortage from ATMs were addressed.

According to him, the management of the concerned banks was engaged in order to improve the circulation of the new notes through the ATMs.

He said that more of the new notes had 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.

“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,” he said.

The apex bank official said the exercise was to also reduce queues around ATMs in the state.

It was reported that the commercial banks visited on Monday include Polaris, Keystone, Zenith, Unity, Heritage, First Bank, Access, UBA, and Union banks in Gombe State.

CBN, EFCC officials take action to maintain cash flow in Gombe

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