Ogun gov urges CBN to address naira crisis

The 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 citizens 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.

The governor stated these when he visited the management of the apex bank led by the branch controller, Wahab Oseni, in Abeokuta.

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

The governor said was disappointing to see long queues of residents at Automated Teller Machines, 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 the success of the CBN policy on the new notes and currency swap.

“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.”

He added, “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.”

During the visit, Oseni pleaded with the people to exercise patience.

He assured the residents of the state that they would start having access to more cash as from Tuesday (today).

While noting that the Ogun State branch of the bank has enough cash to distribute among commercial banks in the state, he disclosed that the bank had come up with a plan that would ensure 40 per cent cash disbursed to money agents, 30 per cent paid across the counter and 30 per cent paid through the Automatic Teller Machine.

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