Cash crunch occasioned by redesigned Naira notes police of the Central Bank of Nigeria (CBN) has taken a toll on domestic and commercial activities in Kogi state and agitated residents have called on the Economic and Financial Crimes Commission (EFCC) to raid banks hoarding the new Naira Notes in the state.
Some residents who spoke with our reporter expressed dismay over the scarcity of the new notes despite claims that Billions of Naira is in circulation CBN.
In most Banks visited, there were long queues while some commercial banks failed to load their automated teller machines (ATM).
A customer, Oyiza Bello said efforts made to use the ATM and mobile app of Zenith Bank have proved abortive for days and there was no money in the machine.
Another customer, Chief Modupe Olaitan, who operates an orphanage, Rehoboth Children’s Home in Lokoja, said running the facility has become difficult due to lack of cash.
Chief Modupe noted that when she visited the Adankolo branch of UBA, she was told that there was no cash.
On his part, Ajejoh Emmanuel, from Anyigba in Dekina Local Government Area, expressed disappointment over his inability to access his money, saying the effect of the scarcity is much on small and medium enterprises.
A trader in Okene, Hajia Ohunene Audu, said the lack of fund has affected sales as most of them borrowed money to do business with increase in interest rate. She called on EFCC and security agencies to raid banks allegedly hoarding new Naira notes in the state.
It was the same complain at Kabba as a civil servant, Tope Olubiyo, said she has been unable to withdraw her January salary due to cash scarcity.