Zulum Threatens To Revoke Lands Of Banks Hoarding New Naira Notes

Borno State Governor, Babagana Zulum has directed that any bank which refuses to dispense new naira notes via Automated Teller Machines (ATMs) and banking halls should have its land revoked by the state government.

Zulum issued the directive on Friday afternoon in Maiduguri after visiting branches of banks to assess problems being faced by residents in trying to access new naira notes via long queues at ATMs amid acute scarcity and hopelessness.

He expressed dissatisfaction that “many people are said to be here since 3am, some could not even eat anything. The new naira note and even the old ones are not available and that is adversely affecting commercial activities in the state and people are suffering”.

“Yesterday I was in Gubio with a population of over 70,000 people but it was impossible to source N100,000 in the entire local government, neither of the new note nor the old notes. A ram that is worth N100,000 is now being sold for N35,000 because people are desperate for cash, and some wicked rich people are going to rural areas to exploit poor people,” Zulum noted.

The governor urged the Central Bank of Nigeria (CBN) to ensure the availability of new notes at commercial banks for people to access their money.