CBN’s old currency deadline and Borno dormant banks

Its is roughly one month to CBN’ 31st January 2023 deadline for every Nigerian to replace his or her money (legitimate) to the new redesigned N1000, N500 and N200 notes.  However, there no hope that in one month, the resettled Internally Displaced Persons (IDPs) to liberated LGAs in Borno State will be able to do […]

Its is roughly one month to CBN’ 31st January 2023 deadline for every Nigerian to replace his or her money (legitimate) to the new redesigned N1000, N500 and N200 notes. 

However, there no hope that in one month, the resettled Internally Displaced Persons (IDPs) to liberated LGAs in Borno State will be able to do so.  

It could be recalled that the Boko Haram insurgency has given the banking system a hastened burial in many local government areas of the state as they dislodged many residents from their homes. 

Thankfully, today for the efforts of gallant troops and our  hardworking governor, Professor  Babagana Umara Zulum, normalcy has been restored, businesses and other social activities have came back to life.  

But the problem is; there are local government areas like Kukawa, Banki, Monguno, Guzamala, Mobar, Ngala, Abadam, Nganzai and Damasak that have no functional  banking system.  All the have is the Point of Sale  (PoS) services.  

To make matters worse, movement is largely restricted due to pockets of activities of the terrorists. For someone to travel to Maiduguri, there must be military escort, and  careful check of the entire roads, so as to avoid Improvised Explosive Devices (IEDs).  

So, majority of the rural people save at home.  

Thus, the federal and state governments should synergize with the CBN and other commercial banks to either rehabilitate the destroyed banks or open mobile banks to enable these rural people to  change their notes. 

 

Rukaiya Kodomi, Department of Mass Communication, Borno State University, Maiduguri