Naira Policy: Anxiety rises amid scarcity of new notes as banks reportedly hoard new notes

*Security operatives, anti-graft commissions, and Central Bank of Nigeria compliance monitoring officials accuse some commercial bank officials fingered in the disruptive tendencies of thwarting the attainment of the Naira policy objectives of the Federal Government

Isola Moses | ConsumerConnect

Millions of Nigerian consumers have continued to experience scarcity of the redesigned banknotes.

ConsumerConnect learnt security agencies had busted some currency racketeering syndicates in some states of the Federation.

Some bank officials also have been fingered in the disruptive tendencies to thwart the attainment of the Naira policy objectives.

Some wrapped new Naira notes the ICPC Compliance Team discovered in FCMB branch’s ATMs, as consumers waited in vain to access the cash in Osogbo, Osun State      Photo: Brand Spur

In the latest Naira racketeering boom, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) Compliance Team, acting on intelligence, busted a syndicate at the FCMB Branch in Osogbo, Osun State.

In storming the bank branch in the state capital, some Automated Teller Machines (ATMs) were loaded with cash with their wrappers unremoved thus preventing the cash from being dispensed to consumers through the machines.

It was learnt the Commission’s follow-up visit to the bank the following day to ascertain the level of compliance, the Team discovered that one of the ATMs was still loaded with the wrappers unremoved, according to report.

The ICPC Compliance officials later arrested the Operation Manager of FCMB, according to report.

Likewise, out of sheer frustrations resulting from their inability to get the new banknotes, protesters were reported to have vandalised some banks and damaged their ATMs in the process in Ibadan, Oyo State capital.

A Central Bank of Nigeria (CBN) team as well discovered at a branch of Sterling Bank, in Ado Ekiti, the Ekiti State capital of hoarding new Naira notes.

The bank’s branch in Ado Ekiti had collected its share of the new Naira notes totalling N6 million for almost two weeks, but Sterling reportedly claimed that its ATMs were not yet configured to dispense the redesigned banknotes.

However, referencing a trending video Sunday, February 5, 2023, a Deputy Director at CBN, who identified himself at Owoeye said there was no excuse for the bank keep the cash.

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