New Naira Notes: Zulum orders emergency Microfinance Banks

Gov. Babagana Zulum of Borno has directed the state Ministry of Finance to quickly establish branches of existing micro finance banks in 25 local government areas in the state in accordance with regulatory procedures.

This is contained in a statement issued by the Special Adviser to the governor on Communications and Strategy, Malam Isa Gusau, and made available to newsmen on Thursday in Maiduguri.

According to the statement, the ministry of finance is to work with that of Higher Education, Science, Technology and Innovation in that direction.

“Zulum’s directive follows the CBN’s policy on stoppage of old Naira notes amid the absence of banking services across 25 out of Borno’s 27 LGAs due to over 12 years of destructions by Boko Haram insurgents.

“The governor announced the microfinance measures on Wednesday in Maiduguri during an extraordinary stakeholders meeting which was attended by the Shehu of Borno, Abubakar Umar Garbai Elkanemi, represented by the Waziri of Borno, Mustapha Waziri Muktar.

“Zulum directed that where possible, branches of the microfinance bank should start being established this week in Monguno and Gwoza LGAs,’’ the statement explained.

Zulum also directed the ministry of finance to immediately develop a template to organise and ensure people in rural communities deposit their old Naira notes before the Jan. 31 deadline.

Besides, the governor ordered the ministry of higher education, science, technology and innovation to support mobile telecommunication providers toward improving their network coverage for internet connectivity across all the 27 LGAs in the state.

Source – NAN