•Gov Abiodun engages CBN over cash crunch

Touts and street urchins may have hijacked the on going Naira scarcity to increase the plight of Nigerian citizens genuinely thronging the various Automated Teller Machines across the country to withdraw cash for their daily activities.

Daily Sun investigations revealed that the touts now invade commercial banks’ Automated Teller Machines (ATMs) to create artificial scarcity and long queues.

Their modus operandi according to our findings was to arrive the ATM points as early as possible, pick numbers, create long queues and sell their slots to impatient customers on the same queue.

Since a lot of customers, especially Point of Sales operators want to withdraw more than the N20,000 daily limit set by the Central Bank of Nigeria (CBN) using different debit cards, they buy off the slot of the touts for N500-N1,500 depending on their position on the queue.

This then tends to worsen the plights of ordinary depositors who want to withdraw less than N20,000.

A media consultant, Joe Abraham lamented: “What the touts are doing is what to see when vital commodities are scarce. People take advantage of it.

“One of the touts said he got to a bank in Kuje at 4am on Monday to ‘take number’ usually given by the banks’ security personnel.

“They take the first 25 slots and wait for customers to stroll in by 7am. Impatient ones buy the slot for N1,500. It’s a cool business for them. Before you know it, they mop up the money in the ATM. It’s crazy really”, he lamented.

Daily Sun gathered that the CBN and security agencies have expanded their sting operations to ensure banks comply with feeding new notes into their system.

Meanwhile, following the difficulties being faced by people over cash swaps in Ogun State, Governor, Dapo Abiodun, on Monday, paid an unscheduled visit to the Abeokuta branch of the Central Bank of Nigeria to seek relief on the amounts that people can withdraw in exchange for deposits made in commercial banks.

The governor also offered to lend members of his cabinet to monitor cash distribution to banks to ensure that no commercial bank or their agents hoard the new naira notes in the state. Abiodun was received at the Abeokuta CBN office located on the Presidential Boulevard, by the Branch Controller, Wahab Oseni.

He later met with Bankers Forum, made up of managers of commercial banks in the state and extracted a commitment from both the CBN and commercial banks to make cash available to bank customers from Tuesday.

Speaking at the CBN office, Abiodun declared that it was disappointing to see long queues of residents at Automated Teller Machines (ATMs), waiting to cash money from the system with so much stress and some not getting enough to meet their immediate needs.

He added that it was humiliating that those who were attended to were paid not more than two thousand naira per transaction.

Abiodun, however, urged the CBN to ensure the availability of new notes at commercial banks for people to withdraw their money.

The governor explained that he was compelled to visit the state branch of the CBN as the “landlord to find out how we can collaborate to ensure that success of the CBN policy on the new notes and currency swap”.

He added: “I’ve met with the President and CBN governor. It is within the right of the CBN by law and as enshrined in the Constitution.

“Our people went out in their numbers but our people who deposited money and felt they would have as much money as they had deposited or need for their daily needs and welfare and wellbeing.

“We’ve had to suspend our campaigns. I met with people over the weekend who said to me that they have not eaten for days, especially, those from the informal sector.

“As a governor, whose primary function is the welfare and security of our people, I need to find out how we can interact with you to see how we can improve on the current level of distribution of the currency in order to diffuse tension”.

Meanwhile, the governor has appealed to the youths in the state not to embark on any civil unrest, noting that such actions would only shut down the economy of the state and make things much more difficult.

“I want to use this medium to talk to our youths that when there is a problem, the solution is not to hit the streets and to start protest marches; we can not solve a problem with another problem.

“I want to plead with our youths that rather than sending social media announcements of impending disobedience around town, they should embrace peace. We are a very peaceful state; we are very orderly and we have spent a lot of time and energy to invest in that peace and security.

“You cannot because of this problem now want to begin to hit the street to shut down the system and commercial activities”, Abiodun stated.

Earlier in his remarks, the Branch Controller of the Central Bank of Nigeria, Wahab Oseni, pleaded with the people to exercise patience.

He assured the people that they would start having access to more cash as from Tuesday.

Oseni, while noting that the Ogun State branch of the bank has enough cash to distribute among commercial banks in the state, disclosed that the bank has come up with a plan that would see 40% cash disbursed to money agents, 30% paid across the counter and 30% paid through the Automatic Teller Machines.

He also added that microfinance banks in the state have also been added to the plan of cash disbursement across the country.

In their respective remarks, representatives of the Central Bank of Nigeria from Lagos and Abuja, Mr Adefuye Adeyemi and Mr Kayode Makinde, while stressing that the situation would improve by Tuesday, noted that the Apex bank would ensure full compliance by commercial banks on the disbursement of cash.

https://www.sunnewsonline.com/customers-woes-deepen-as-touts-invade-atms-worsen-scarcity/

Why this Emefiele haven't been arrested is still a mystery to me.

But two bullion van loaded with our cash was driving to Tinubu's house during last election, members of YMM Yoruba Muslims miscreants were happy and clapping, now you can imagine

Malory:
Why this Emefiele haven't been arrested is still a mystery to me.

Arrested for what exactly? Why can’t you face the president who has the power to implement certain monetary policies through the CBN under Section 20 of the CBN Act?

Why are you APC guys always scared of Buhari?

Malory:
Why this Emefiele haven't been arrested is still a mystery to me.

The quastion should be why is pablo escoba aka BAT and osama binladin his vice presidential candidate still working freely instead of serving their terms in jail for drug pushing, looting and terrorism? If not for tribalism and foolishness tinubu will not get more than 20 votes in the whole southwest, well we warned the hausas against voting for buhari in 2011 but they refused out of tribalism and foolishness, today they are the ones mostly affected by buhari's bad govenance, a word is enough for the wise but since majority of you are foolish even a million words from the worlds wisest men will not change your mindsets, keep fighting for pablo escoba and osama binladin, you will pay dearly for it if they eventually emerg president and vice president respectively, i only pray you don't pay with your lives.

I thought u supported him because you think it'll affect Tinubu.

You're now back to your senses when it hold your jugular vein.

Malory:
Why this Emefiele haven't been arrested is still a mystery to me.

Nigerians should know who their friend and enemy are.

Thanks to the incompetent and worst CBN Governor EVER.
His fellow incompetent bloda is already supporting the archaic idiotic policy that lack basic common sense.
Now Nigerians can see for themselves who has better ideas on how to lead a Nation.
Is it Tinubu who first spoke up and complained about the policy or the Pandora Obi tuary who is supporting the moronic policy.
Atiku is hiding in the middle somewhere. Tinubu spoke up and said his mind regardless of who will be gored.
That's the kind of leadership that Nigeria needs now, not a transgender with a woman's voice or the spinless Atiku.

1000yrs of suffering to all urchins

Malory:
Why this Emefiele haven't been arrested is still a mystery to me.

Even the president's special assistant abi na adviser talk say na Buhari hand e dey. Same Buhari implemented this Naira design as military head of state.

Like someone said, Tinubu was not bold enough to mention Buhari and begged El'rufai to do it for him. Let's not be like Tinubu. Let's be bold and challenge Buhari.

Atiku kawai

Government sponsor touts. If u know, u Know.

It well

VOTE OUT APC! It's that simple!

Alcatraz001:


Arrested for what exactly? Why can’t you face the president who has the power to implement certain money policies through the CBN under Section 20 of the CBN Act?

Why are you APC guys always scared of Buhari?

Cowards are looking for soft targets when they know the real person behind it.

Fear fear Afonja

POS vendors are now loitering hospitals, looking for desperate people whose loved ones are sick and need cash urgently. Some are charging as much as 3k to withdraw 10k cash. This one isn’t Buhari’s fault. Bad governance aside, Nigerians are worse than their leaders 📌

Na emefiele

Malory:
Why this Emefiele haven't been arrested is still a mystery to me.

Reading the story, all u got out is that emefiele is guilty or the banks causing the artificial scarcity?

dre11:
•Gov Abiodun engages CBN over cash crunch



https://www.sunnewsonline.com/customers-woes-deepen-as-touts-invade-atms-worsen-scarcity/

wow

You mean agberos?

For shame...

Even the cashless policy is ineffective, people are complaining of debited but not credited transactions. POS operator debited my account yet, said she didn't receive anything. The woman selling downstairs (here) haven't seen alert since last week for the transactions made via transfer.

Omo

The truth be sey, touts plenty pass normal human being for Nigeria.

It's about To go down


Fight Tinubu not the people

By Friday,carnage go lose. Cos everywhere is just getting dried up of cash. This is not a doom say but reality. What my eyes are seeing since yesterday is too much. The naira redesign lost it's aim after the 10 days extension cos the extended days created cash rush against Feb 10th.

Alcatraz001:

Why are you APC guys always scared of Buhari?

I just don't like the policies of Buhari. I can't date him if given any amount. His decisions are always terrible!
In 2015, he banned rice importation. That made price of rice to jump up till now and shortly dollar rose to N400 from N200 and it's still rising. He said he ll reduce cost of governance but he didn't. He himself no dey donate anything to charity for Nigerians to know he has them in the heart. So...the same APC want to come in 2023?
Why can't Nigerians punish them like PDP in 2015 make LP win the presidential election.
As much as I like Tinubu, his party is evil!

.

PDP and emefiole on the beat we all know the game is to put Nigerians in pain Una no go rest in peace

How Buhari is giving us our Money

TheNiceGuy:
Nigerians should know who their friend and enemy are.

Tinubu only cares about his ambition. We can no longer be fooled. Omode ano ti dagba.

There is a pattern here... majorly APC state Governors are complaining..

Are Nigerians not living in other states or have they found solution?..

Malory:
Why this Emefiele haven't been arrested is still a mystery to me.

Don’t let it be a mystery to you, go and arrest him. Help the DSS