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Cash crunch: Edo residents hail Obaseki’s intervention as CBN begins cash disbursements in markets, others

15 Feb 2023

Residents withdrawing new naira notes during monitoring of the disbursement of cash to Point of Sales (POS) operators and residents by officials of the Central Bank of Nigeria in Benin City, on Thursday, February 16, 2023.

Edo residents have hailed the intervention of the Governor Godwin Obaseki-led administration to ameliorate the hardship faced accessing the redesigned naira notes.

Government officials led the staff of the Central Bank of Nigeria (CBN) to major markets and other places to monitor the disbursement of cash to Point of Sales (POS) operators and residents within the Benin metropolis.


The government officials include Chief of Staff to the Edo State Governor, Osaigbovo Iyoha, and the Special Adviser to the Governor on Media Projects, Crusoe Osagie.

The CBN team was led by Director of Risk Management, CBN, Abuja, Dr.  Blaise Ijebor led the apex bank's team on the rounds.


Some markets monitored include Oba Market, Ekiosa Market at Murtala Muhammed Way, and Uselu Market, among others.

Speaking to journalists, the residents thanked the state government for being responsive, bringing succor to the people.


According to Austin Edosomwan, “this POS system is working perfectly. The good thing is the rate is N100 per N5000. If it can continue like this all over the state, in one or two weeks everything will be balanced.

“If I can collect N5000 every day like this, that will be N150,000 in a month. How much is minimum wage? So, it will be very okay for me even as a family man.”


Also, Samuel Ogbeiye, noted, “This is a welcome development. However, the CBN and the federal government should work together to make the processes involved in disposing of the old notes easier.”

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