Naira Redesign: Osun Governor, Adeleke calls for sanction against banks hoarding new Naira notes

The Osun State Governor, Ademola Adeleke has warned commercial banks operating within the state against hoarding of the new Naira notes.

Adeleke also called on the Central Bank of Nigeria (CBN) to sanction financial institutions involved in such anti-people activities.

Addressing CBN officials in his office on Monday, Governor Adeleke who decried the increasing shortage of the new notes explained that he has been deploying state network to douse tension and ensure the safety of banks and the CBN state office.

Adeleke hinted that his intervention in the last few weeks had ensured that Osun State was saved from increasing conflict across some South Western States

The Governor also expressed unhappiness at the current hardship the residents of the state were experiencing.

According to the governor, "The situation is getting out of hand. The CBN must act fast. Any bank hoarding the new notes must be sanctioned. We should not treat such banks with kid gloves.

"My people are patient but we should not take their patience for granted. That is why I called for this meeting. Why is the new notes not available? Is the supply small or inadequate?," the Governor queried.

While expressing the readiness of his government to partner with the CBN for the currency swap, he informed the personnel of the apex bank who came on the visit that the state is sacrificing a lot to maintain peace and calm frayed nerves.

"The new notes are not available. Even as a State Governor, I don't have the new notes. You can see how hard it is for our people to access the new currency if their Governor is not getting them. We should not overstretch the cooperation we are enjoying from the citizenry. We are expected as elected and appointed leaders to respond to the needs and aspirations of our people," Governor Adeleke admonished.

Responding, the CBN State Director, Oluyemi Adeyemi commended the Governor Adeleke for his proactive steps that has saved the state from naira related riots.

"We must thank Mr Governor for reaching out to the people, for diffusing tension, for keeping the state peaceful. We aware of the day Mr Governor stopped some angry youth from demonstrating and from attacking the CBN office.

"On our part, we are working hard to make the new notes available. Let me say that the CBN has issued queries to some banks. I assure Nigerians that we are working hard to make the new notes available" , the CBN official stated.

At the end of the meeting, a monitoring mechanism between the state government and the CBN was set up to ensure allocated new notes got to the populace.



FI