Naira shortage: Zulum warns banks in Borno, poses threat to land allocation

Banks in Borno that refuse to dispense new naira have had their land allocations threatened by Governor Babagana Zulum.

The governor mandated that the notes be made available inside banking halls and at Automated Teller Machines, or ATMs.

The Central Bank of Nigeria, or CBN, not having enough supplies is one of the only verifiable exceptions.

Zulum assessed the difficulties locals face by visiting bank branches in Maiduguri, the nation’s capital.

We will immediately revoke the land title of any bank that is unwilling to make sure that their ATMs are fully dispensing new naira, the official warned.

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He lamented the fact that there were hundreds of people waiting in line at one branch while only one out of ten ATMs were dispensing cash.

The Borno helmsman claimed that while the wealthy relaxed in the comfort of their homes, he only saw those who were less fortunate queuing up.

He added that “many people are said to have been here since 3:00 am, and some of them couldn’t even eat.”

According to Zulum, the lack of cash is negatively affecting the state’s residents and commercial activities.

He observed that the CBN policy is accepted by the government of Borno and questioned why people could not withdraw more than the N20,000 cap.

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The governor claimed, “I’ve been to more than ten ATMs, and there’s no cash.”

“People are in a cash crunch; a ram worth N100,000 is now being sold for N35,000,”

Zulum urged the CBN to make new notes available at banks so that people could access their money.