Banks hoarding new Naira notes to supply governors, says BDI

The Bayelsa Development Initiative (BDI) has identified continuous cash transactions between banks and state governors as one of the hinderances to the ongoing enforcement of the Federal Government’s cashless policy.
The National Coordinator, BDI, Udengs Eradiri, lamented that despite the policy, governors had sustained cash transactions with the new naira notes stashed in government houses.

He recalled that recently the Kaduna State Governor, Nasir El-Rufai, disclosed that a bank gave a state governor N500m and advised that for the policy to work, its implementation must involve all stakeholders.
Eradiri said: “The cash transactions between the state governors and the banks have continued to frustrate the Federal Government’s cashless policy. The banks are hoarding the new Naira notes to supply them to governors for some agreed benefits.

“While the banks claim they don’t have the new naira notes, many government houses are bubbling with the new notes. The governors already have enough new naira notes to execute their selfish plans including vote buying for the next poll.

“The Federal Government must ensure state transactions are also cashless otherwise the money available will continue to be hoarded and supplied to state governments for election funding.”
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