Edo Govt Releases N1bn To Cushion Impact In Edo

In Edo state, the CBN) said it has released not less than N1 billion to commercial banks in the state to cushion the effect of scarcity of cash just as it said new notes would be delivered within another 24 hours.

CBN director, Risk Management, Blaise Ijebor, who made this known during a  monitoring exercise in Benin City, yesterday, noted that there is improvement in their services.

He said “We are doing everything within our power to improve the situation I have been around this morning, I started from Isior looked at ATMs, bank branches, PoS and I can tell you that crowd is reducing because we are making payments and we will continue to do everything within our powers to improve the situation.

“On Sunday we gave banks N400 million, that was why banks were paying out money on Monday and on Monday, we gave out about N200 million and today (Tuesday) we have done N460 million so we are pushing out money and between now and tomorrow we are also expecting new notes and if we are a bit patient, these issues will be sorted out.”

Meanwhile, finding by LEADERSHIP in parts of Benin City indicated  that recharge card sallers and filling station operators are contributing to the high commission Point of Sales (PoS) operators are collecting from those in need of cash.

As a result of the limited amount of cash, banks are allowed to give to individuals and corporate entities, PoS operators have resorted to buying cash from recharge card sellers and filling stations and these people have increased the amount they sell naira.

Investigation showed that PoS operators were buying N100,000 for N116,000 and that led to PoS operators collecting as much as N1,500 to N2,000 for every N5000.

In some filling stations, attendants would sell for only people with cash and thereafter give the cash out to PoS operators.

At a popular filling station along Sokponba road where fuel was being sold for N290 per litre, attendants were selling fuel for only those with cash and claimed that there was no teller in their PoS machine and few minutes later, a PoS operator emerged selling naira notes.