February 16, 2023

Cashless policy: CBN embarks on cash-out exercise in Delta


Officials of the Central Bank of Nigeria (CBN) have embarked on a cash-out exercise to ameliorate the sufferings of the people in Delta.

Mr Sunny Daibo, Leader of the CBN sensitisation team on the redesigned Naira notes in Delta, disclosed this to newsmen on Thursday in Warri.

Daibo, who represented the CBN Governor, Mr. Godwin Emefiele, in the ongoing exercise is also the Deputy Director of Finance of the bank.

He said that the team visited some microfinance banks, petrol stations, and supermarkets to ensure compliance with the cashless policy.

He said that the banks complied with the directives and paid their customers directly over the counter and through their Automated Teller Machines (ATMs).

The team leader said that they had four microfinance banks within their purview.

“We went out to monitor and ensure that the banks complied with the directives and they are actually complying.

“We visited Amju Unique and New Golden Pasture Microfinance Banks in Warri South and they were paying customers through ATMs and over-the-counter.

“We also visited two filing stations and supermarkets to ensure they complied with the cashless policy. The customers were using PoS to make payments and not cash,” he said.

The CBN director said that the team thereafter proceeded to the riverine areas having serviced the upland enough so that the people could enjoy cash-out.

He said the cash was within the range of N5,000.

“We are done with cash swap, now we are doing cash-out.

“We visited Ode-Itsekiri and attended to all the people that needed money.

“From there, we moved to Ogbe-Ijoh in Warri South-West and the people were happy.

“We went to Ugbuwangue jetty and serviced the people with the cash we were left with,” he said.

Daibo suggested a cash-out method as a possible solution to the current cash problem in the country.

“The communities were not happy because they were using money to collect money from the PoS agents. But now, we are bringing the cash to them at their domains,”

Speaking on exorbitant charges by PoS operators, Daibo said an agent told him they usually paid for the naira notes that they normally got from different filling stations.

He, however, urged Nigerians to be patient with the CBN, adding that violence does not bring the solution.

He assured that the situation would be restored very soon.