You Were Clearly Not Prepared For The Naira Redesign, Governor Badaru Admonished CBN

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The Central Bank of Nigeria, CBN, has come under fire from Jigawa State Governor Muhammad Badaru Abubakar for the ongoing dearth of newly printed Naira notes in commercial banks.

The Governor responded to the difficulties people are experiencing when trying to deposit or withdraw money by making the announcement through the State Commissioner for Finance, Babangida Umar Gantsa.

He charged that the CBN had delayed issuing the newly designed Naira notes, putting the public through unneeded hardship.

“We even talked to bank managers, and they said the CBN is not providing them with adequate cash.

“One bank manager reported to us that the CBN only granted him N2 million.

“I counted over 250 people in one ATM, some of them were sleeping there, and others who had spent hours at work simply to get cash for their requirements. Due to the CBN’s lack of funding, the banks are unable to fully reload their ATMs.

The CBN, in my opinion, is not prepared for this endeavor. To alleviate the pain of the average person, they should return to the drawing board.

Babangida further stated,

It will be impossible to implement even the naira swap and ten-day extension offered by the CBN.

Only ten of the State’s 27 local governments, according to XANDERTECH, have operating banks.

Because they cannot exchange their old notes for new ones at any banking institution, rural populations are suffering greatly.

READ ALSO:  Banks Speak Out About "Hoarding New Naira Notes" After CBN Policy – See What They Said

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