*Urge Costumers Against Storing Cash
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Director Development Finance Department, CBN Directorate Headquarters, Mr. Yusuf Philip-Yila, has threatened the movement of unspecified sum of money from the Gombe branch of Heritage Bank to a different bank.
This followed the inability of the bank to dispense money in its custody to customers amidst the mounting pressure by customers to get cash from banks.
Mr. Phillip-Yila made the threat while monitoring the disbursement of the new naira notes by banks to costumers in Gombe on Tuesday.
Though the Director said he was pleased with the reduction of pressure to get cash by customers from their banks and at ATM’s, he however said he was displeased with the hitches noticed in Heritage Bank in Gombe where out of the two ATM machines, only one was functioning.
He told reporters that “We’ve had a couple of hitches at Heritage Bank, you can see one ATM is not working and I’m quite displeased about it because if you have two atm’s running, the crowd will gradually thin out because it’s only Heritage Bank costumers that can go and do over the counter transaction.
“We’ve been talking with the staff, what I told my colleagues to do is to immediately find a way to take the cash they have here if it’s not been dispensed because the ATM is not working.
“We move that cash to any other branch that has pressure so that we can move the money around”, he stated.
He also warned against banks dispensing a maximum of N1,000 only at their ATM’s for costumers of different banks and called on the public to report such to him or any CBN staff.
He said, “We’ve had meeting and we issued strict directives to the banks to correct and fix that. Please report to me or my staff if you see any bank doing that.
“We’ve sent a strong warning to them, you can see we are working with the EFCC, we will not hesitate to deal with defaulters”, he warned.
When asked about the amount the CBN released to the banks, the Director from CBN’s Directorate Headquarters said, “I can’t give you numbers but you can see the crowd is beginning to thin out.
“What we advise is that cash is a medium of exchange, it is not a medium or something to store. A lot of people are storing it and not using it to trade, but once you only store it, the aim is defeated. So, more sensitization is needed from us and we’ll do just that”, he stated.
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