At Central Bank of Nigeria (CBN) says it has discovered N4 million in new naira notes deposited in some commercial banks in Ogun State.
The deputy director, banking supervision department, CBN Lagos, Kayode Makinde, said this on Tuesday while overseeing the distribution of the new naira.
A visibly angry senior CBN staff accused commercial banks of sabotaging the CBN’s efforts to supply new naira notes.
commercial banks are sabotaging the efforts of the CBN in making new naira notes available.
Mr. Makinde said this is the third week of the monitoring exercise in the country as part of the CBN’s efforts to ensure compliance with the directive on the issuance of new notes.
It will be recalled that some politicians have accused the President of the CBN, Godwin Emefiele, of trying to sabotage the circulation of the new notes for political reasons.
Political elites believe that the CBN president is keeping new notes to spoil the general election.
Mr. Makinde, however, told the public to blame the commercial banks for the scarcity of new notes, saying the CBN has done a part.
“This is the third week to ensure the implementation of strict directives on the issuance of new notes. We have banks, agents and super agents to distribute new notes in the economy. The experience has been mixed, we have seen some attempts to hoard new notes, we are forced to upload them to the terminal ATM, and others have poor cash management.
“From experience, the CBN should not be blamed but the commercial banks for the shortage. We caught some of them, with new notes in the vault, and we were forced to upload them to their machine. We told them that instead of trying to ration, upload who have and contact the central cash management unit that has direct access to the CBN for others.
“We have come across incidents of sabotage from operators, we will take up the case and will deal with it appropriately.
Also read: New Naira Notes: Panel of Reps rejects 10-day extension, says CBN must comply with law
“We have given instructions not to pay new notes over the counter but other notes, some do and run out of cash. Some branches use cash management skills and never run out of cash, while others run out of cash and are still waiting for the source.
“We found one of them unable to record nearly four million naira of new notes and appropriate sanctions will be taken.”
Mr Makinde said two teams were sent to cover the two senatorial districts every day of the monitoring exercise.
Support the integrity and credibility of PREMIUM TIMES journalism
Good journalism costs a lot of money. But only good journalism can guarantee the possibility of a good society, responsible democracy, and transparent government.
For continued free access to the best investigative journalism in the country, we ask that you consider making a modest contribution to this noble effort.
By contributing to PREMIUM TIMES, you help keep journalism relevant and ensure it remains free and available to all.
contribute
AD TEXT: Call Willie – +2348098788999
