Central Bank of Nigeria uncovers ₦4 Million in a bank in Ogun State
The Central Bank of Nigeria reported that it has uncovered ₦4 Million new Naira notes mishandled by a commercial bank in Ogun State.
The report which was given on Tuesday also reported that the commercial bank sabotaged the efforts of the Central Bank of Nigeria in making the new notes available.
The news was disclosed to the media on Tuesday by the Deputy Director, Banking Supervision Department, CBN Lagos, Kayode Makinde.
In addition, the Deputy Director said that this would be the third week of the monitoring exercise in the State to ensure full adherence to the directives of CBN as regards the issuance of new notes.
He noted that they have banks, agents, and super agents circulating new notes in the economy.
Though some people were caught trying to hoard new notes, as they compelled them to upload into ATM terminals, others had poor cash management.
He further stated that CBN should not be blamed for the scarcity of new naira notes but for the commercial banks.
We caught some of them, with new notes in their vault, and we compelled them to upload them to their machines. We told them that instead of trying to ration, upload the ones they have and contact their central cash Management unit which has direct access to CBN.
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Additionally, he said that they came across one of the banks that couldn’t account for almost four million Naira of new notes, and appropriate sanctions will be placed on them.
Speaking further, Makinde said two teams were dispatched to cover two senatorial districts on each day of the monitoring exercise.
He added that the use of super agents to swap old notes for new notes had been very effective in the state.
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