Naira Scarcity: Zulum Warns Banks In Borno, Threatens Land Allocation
Babagana Zulum, the Governor of Borno State, has issued threats to banks.
He threatened to revoke the land allocation of banks refusing to dispense new naira in Borno.
The governor ordered that the notes must be available at Automated Teller Machines, ATMs, and inside banking halls.
The only exceptions are verifiable constraints, such as a lack of supplies from the Central Bank of Nigeria, CBN.
Zulum visited bank branches in Maiduguri, the capital, for an assessment of the challenges residents face.
“Any bank that is not willing to ensure their ATMs are fully dispensing new naira, we will withdraw their land title immediately,” he said.
He expressed sadness about how hundreds of people queued at a branch, with only one out of 10 ATMs dispensing cash.
The Borno helmsman said he only saw less privileged people lined up while the rich enjoyed the comfort of their homes.
“Many people are said to have been here since 3:00 am, some could not even eat anything,” he said.
Zulum observed the non-availability of cash is adversely affecting residents and commercial activities in the state.
Noting that the Borno government has no problem with the CBN policy, he wondered why individuals could not withdraw the N20,000 limit.
“I have visited more than ten ATMs and there’s no cash,” the governor said.
“A ram worth N100,000 is now being sold for N35,000 because people are desperate for cash.”
Zulum urged the CBN to ensure the availability of new notes at banks so people can access their money.