Hoarded N6m New Naira Notes Exposed in Ekiti Bank

The Central Bank of Nigeria, CBN has uncovered N6 million new naira notes hoarded by a commercial bank in Ekiti State.

The apex bank decried the act as it claimed that the new naira notes had been given to the bank two weeks ago to be dispensed at its Automated Teller Machines (ATMs) for better circulation of the redesigned currencies.

The hoarded notes were exposed by the CBN Deputy Director, Oluwole Owoeye who led a monitoring team of officials on compliance of banks to the CBN directives in the state.

Investors King had earlier reported that the CBN had deployed monitoring teams to various states since January 2023 to ensure that new naira notes are given to bank users for its quick circulation but citizens have continuously lamented the unavailability of the new naira notes in banks. 

Expressing displeasure over the occurrence, Owoeye said the bank had no excuse for keeping the money for over two weeks considering the nation’s lament on scarcity of new naira notes.

He stated that Deposit Money Banks are frustrating the efforts of CBN in ensuring the circulation of the new naira notes across the country.

The deputy director, has however directed the bank management to immediately get its ATMs ready to dispense the new notes to the citizenry.

Owoeye explained, “I am currently at the Bank, Ado-Ekiti as part of this monitoring compliance with the guidelines by CBN. They have six million which they have collected from the bank for almost two weeks. They have not dispensed any. They said they are yet to configure their ATM.

“I don’t know why. I have brought their attention to the penalty clause of one million per day. They have five ATMs. They don’t have any reason for keeping this money.

“The zonal service manager, Mr Tunde Onipede promised that by 10am latest tomorrow (Monday), because I told him latest by 10:00 am, I will be here and I want to see the machine dispensing this money.”