Zulum Sets up Emergency committee to Evacuate old Naira Notes in LGAs prior to CBN deadline
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Zulum Sets up Emergency committee to Evacuate old Naira Notes in LGAs prior to CBN deadline
Establishes Micro Finance banks in Monguno and Gwaza
Urges People to Willingly Deposit their Monies
Borno state government has put machinery in place to key the into Central Bank’s efforts at fast tracking evacuation of old notes across the state before expiration date of the CBN’s dateline .
Governor Babagana Umara Zulum who constituted a committee comprising commissioners, local government chairmen and traditional leaders ,officials of critical sectors to mop off old naira notes. He said the move was to avert losses by the people at the grassroots as a result of the redesigning of the currencies.
Officials of the CBN gave until end of January this year for the citizenry to change the two hundred, five hundred and one thousand naira notes ,with the expiration period for the old naira notes drawing closer by the day .
CBN has since taken steps to create awareness on the new notes and compliance by Banks and other related institutions and to ensure evacuation of the old notes from hard to reach grassroots areas , especially in Borno state , considering it’s parculiarities .
Borno state government on it’s part also assigned responsibilities to critical stakeholders , that include officials of government and traditional leaders to as a matter of urgency visit all the local government areas and ensure voluntary collection of all notes from the people at the grossroots and return same to CBN for replacement with the new notes.
Govenor Babagana Umara said the state government is taking the risk of collecting the old notes because banks only operate in Biu and Maiduguri Metropolitan Council while commercial banks cannot move down to the local government areas to collect the old notes for replacement owing to the perceived security threat.
He added that Micro finance banks are to be resuscitated in Monguno and Gwoza local government areas while officials of micro finance banks to work with the leadership and critical. stakeholders.
The Governor also directed Ministry of Higher education, Science, and technology and Innovation and ministry of housing and rural electrification to provide ICT facilities to ensure success of the exercise.
He then directed the Commissioners for Local Government and Emirate Affairs, commissioner of Finance and that of youths sport and poverty, to develop a template to stat the process with immediate effect.
Governor Babagana Zulum further reiterated that processes is not compulsory but people can willingly deposit their monies into the Borno state Micro Finance before the dateline of 31st Jan. 2023.
By BBW.
