CBN releases ₦1.6bn to commercial banks in Edo

The Central Bank of Nigeria (CBN), has released over ₦1 billion to commercial banks in Edo State in the last 3 days.

This was done to reduce the pains which the people pass through in accessing the new naira notes.

The Director of Risk Management of the apex bank, Dr. Blaise Ijebor, made this revelation, Tuesday in Benin City.

Ijebor said: “We are pushing out money regularly. On Sunday, we gave banks N400 million. That is why they were paying money on Monday. We gave out N200 million on Monday and today we have given out N460 million.

“We are doing everything within our power to improve the situation. We have allowed banks to pay over the counter with the limit of N20,000 payable to each person.

“We also gave money to microfinance banks to pay over the counter with a maximum of N10,000. The microfinance banks are to concentrate on the rural communities.

“I have been around the metropolis this morning to inspect bank branches and Automated Teller Machines (ATM) and I can tell you the crowds are reducing because we are making payments. We will continue to do everything within our power to improve the situation.

“If we are a little bit patient, very soon, the money will be everywhere and there will be no need for these problems,” he added.

Ijebor further warned POS operators and other sellers of the new naira notes to stay away from the illegal acts, reaffirming that they would be sanctioned if caught.

“We are working with the Edo State Government for people to be able to make transactions with their residency cards when it is introduced to the economy. It’s a laudable project and we are supporting the state government on that.

“We are encouraging everybody to use alternative means of payments, such as bank apps, ATMs, USSD, POS, among others. For those without a bank account, this is a good opportunity to open one. We have authorized agents to do that for customers,” he said.