Borno Threatens To Revoke Land Title Of Banks Hoarding New Naira

Governor Babagana Zulum of Borno State has threatened to revoke the land of any bank hoarding the new naira notes in the state.

Zulum stated this when he visited branches of banks in Maiduguri, the state capital.

The governor, who was disappointed with the long queues of residents at Automated Teller Machines (ATMs) posts waiting to cash money, urged the Central Bank of Nigeria (CBN) to ensure the availability of new notes at commercial banks for people to withdraw.

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He said, “Any bank in Borno State that is not willing to ensure their ATMs are fully dispensing new naira notes cash to ease the suffering of our people, we will withdraw their land title immediately. We will only spare banks with genuine constraints that are verifiable.

“We just released salaries of about N5 billion and the banks don’t have money, some of the ATMs are not working. We don’t have any problem with the CBN policy or the withdrawal limit, they said individuals can only withdraw N20,000, but why can’t everyone have access to that N20,000?

“Yesterday (Thursday) I was in Gubio with a population of over 70,000 people but it was impossible to source N100,000 in the entire local government, neither of the new note nor the old notes. A ram that is worth N100,000 is now being sold for N35,000 because people are desperate for cash, and some wicked rich people are going to rural areas to exploit poor people.”