CBN distributes over N1 billion to Edo banks in 3 days to address the cash crisis …as govt urges the public to be calm, use alternate payment methods

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: Director, Risk Management, Central Bank of Nigeria (CBN), Abuja, Dr. Blaise Ijebor; CBN Benin Office Branch Controller, Mr. Renner Jumbo; Edo State Commissioner for Communication and Orientation, Hon. Chris Nehikare, and the Special Adviser to the Edo State Governor on Media Projects, Crusoe Osagie, during a press briefing in Benin City, on Tuesday, February 7, 2023

In order to ease the difficulty customers were having in getting the redesigned naira notes, the Central Bank of Nigeria, or CBN, said that over one billion naira had been distributed to Edo State over the course of three days.

Dr. Blaise Ijebor, Director of Risk Management at the Central Bank of Nigeria (CBN), Abuja, revealed this on Tuesday in Benin City and urged people to look at other payment options to reduce the need for cash in the economy.

He said, “We constantly push money out.  We gave banks N400 million on Sunday. They were paying money on Monday because of this. On Monday, we distributed N200 million, and today, we distributed N460 million.

“We are making every effort to make the situation better. With a limit of N20,000 payable to any person, banks are now permitted to make over-the-counter payments. Additionally, we provided microfinance banks with up to N10,000 in cash for payments made in person. The rural communities are to be the focus of the microfinance institutions.

“I’ve been all over the city this morning checking out Automated Teller Machines (ATM) and bank offices, and I can tell you that business is picking up because people are paying their bills. We’ll keep trying to make things better by every means possible.

He stated that the CBN is anticipating a shipment of new notes that would be distributed via ATMs and added that as of tomorrow, the ATMs that are currently empty will begin to function.

“If we are a little bit patient, the money will be everywhere very soon, and none of these troubles will be necessary.

Dr. Ijebor explained why bank clients should look into alternative payment methods, saying: “We are working with the Edo State Government to enable people to make payments with their residency cards when it is introduced to the economy. The state government is working on a laudable project, and we are supporting them.

“We encourage everyone to use other payment methods, such as bank apps, ATMs, USSD, and POS, among others. This is a fantastic time to start a bank account if you don’t already have one. For customers, we have authorized agents to carry out that task.

Additionally, he warned anybody selling the new naira notes at POS terminals and elsewhere to stop doing so since doing so may result in legal action.

The state government is concerned with making sure its inhabitants find relief, according to Commissioner for Communication and Orientation, Hon. Chris Nehikhare, who urged residents of Edo to look into alternate payment options.

In order to ensure that digital platforms are simple to use, he continued, the state government is constructing the essential digital infrastructure. He also mentioned that fiber optic cables are being laid to improve internet connectivity throughout the state.

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