Zulum issues a warning to banks in Borno, threatening land allocation

Governor Babagana Zulum has threatened to cancel the land allocations of banks in Borno that refuse to disburse new naira.

The governor directed that the notes be available at Automated Teller Machines, or ATMs, as well as inside banking rooms.

The only exclusions are provable limits, such as a paucity of supply from Nigeria’s Central Bank, CBN.

Zulum visited bank offices in Maiduguri, the capital, to analyze the difficulties citizens experience.

“Any bank that is unwilling to ensure that their ATMs are completely dispensing new naira, we will immediately take their land title,” he warned.

He was saddened by the hundreds of people queuing at a branch, with only one out of ten ATMs dispensing cash.

According to the Borno helmsman, he only witnessed less privileged folks lined up while the wealthy sat in the luxury of their houses.

“Many people are claimed to have been here since 3:00 a.m., and some couldn’t even eat,” he explained.

Zulum noticed that the lack of cash is having a negative impact on inhabitants and commercial operations in the state.

Noting that the Borno government had no objections to the CBN policy, he enquired as to why people may not withdraw the N20,000 restriction.

“I’ve gone to over ten ATMs and there’s no cash,” the governor remarked.

“A N100,000 ram is now being sold for N35,000 because people are anxious for money.”

Zulum requested the CBN to ensure that replacement notes are available at banks so that consumers can access their money.