Edo to monitor banks’ cash disbursement

The Edo State Government announced that it will monitor the disbursement of the new naira notes to ensure their availability throughout the state. Commissioner for Communication and Orientation Chris Nehikhare explained on Tuesday that this monitoring will be conducted in partnership with the Central Bank of Nigeria (CBN) branch in Edo. The aim, he said, is to guarantee that money reaches the populace and to alleviate the suffering of the masses. “We intend to track the amount that comes into the state through the CBN branch and see how it is distributed to different commercial banks, so that anyone attempting sharp practices can be identified and discouraged,” Nehikhare stated. He added that a similar approach had been used to address the fuel crisis in the state and expressed confidence that working with the CBN would be highly effective. “We are happy the CBN is on the same page with us to solve this problem,” he concluded.

Blaise Ijebor, Director of Risk Management at the CBN, reported that more than N1 billion has been disbursed to commercial banks in the last three days, with additional funds to follow. “On Sunday we gave banks about N400 million, on Monday about N200 million, and on Tuesday N460 million. We are pushing out money to ensure everyone in Edo State has enough cash to conduct legitimate business,” he said. Ijebor urged the public to use alternative payment methods—bank apps, USSD, or point‑of‑sale terminals—given the redesigned naira and the government’s goal of reducing cash in circulation. He also noted that banks have been instructed to limit over‑the‑counter withdrawals to a maximum of N20,000 per person per day, though some banks may reduce the amount further to ensure broader distribution.

All bank branches have cash on hand, and the CBN plans to increase availability each day throughout the week. The new redesigned naira is expected to arrive in Benin within the next day, allowing most ATMs to be refilled by tomorrow. Ijebor appealed to Edo residents not to worry, assuring them that their money is safe and that sufficient cash will be provided for transactions. He also warned that sharp practices are being monitored and that the authorities will continue to take all possible measures to improve the situation.