Yobe Microfinance Chief Accuses Banks Of Hoarding N4.3bn New Naira Notes

Yobe Microfinance Chief has accused Banks of hoarding N4.3bn new Naira notes.

 

NewsOnline reports that the managing director of Yobe State Microfinance Bank, Dr Sheriff Almuhajir has alleged that the Central Bank of Nigeria (CBN) has given out new naira notes worth N4.3 billion to commercial banks in the state but they have not dispensed them to the public.

 

Muhajir in a video clip he featured and posted on his Facebook page which was monitored by NewsOnline Nigeria yesterday also alleged that the banks in the state have not given out up to N1 billion from the money received to the people till now.

 

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According to him, the development was the reason for the current scarcity of naira hitting the state adding that many people and businesses were affected negatively by the nonavailability of cash for transactions.

 

“This is a message to the people of Yobe, Damaturu in particular. I want to inform you that I got reliable information, and this information could be verified from any source you have.

 

“That Central Bank of Nigeria, Damaturu branch has distributed new notes to the tune of N4.3 billion in Yobe State. Of the N4.3 billion distributed, more than N700 million was meant for POS agents. My question is, where is this money?

“I swear that in Yobe, the N4.3 billion was not released. In fact, there is no new notes worth N1 billion in circulation in Yobe State. We see how people sleep at ATM machines. ATM machines have never been without queues in Yobe State. How much have the banks released?” he queried.

NewsOnline reports that the managing director Yobe Microfinance Bank lamented that the non-availability of cash in circulation has forced children in primary, secondary, and university students to stop going to schools as they do not have cash to pay transportation fare to commercial motorcycle operators.

 

He, therefore, called on concerned authorities and stakeholders to do something about the situation in order to bring succour to the citizens.