Redesigned Naira: CBN affirms video shows Sterling Bank hoarding N6m new notes in Ekiti

*The Central Bank of Nigeria accuses the Sterling Bank Branch, in Ado Ekiti, in Ekiti State, of hoarding new Naira notes, insisting the branch had N6 million undispensed new notes in custody for almost two weeks

Alexander Davis | Consumer Connect

Against the backdrop of Nigerian consumers’ recent outbursts, protests and complaints over scarcity of the redesigned banknotes, a monitoring team of the Central Bank of Nigeria (CBN) has accused the Sterling Bank Branch, in Ado Ekiti, Ekiti State capital, of hoarding new naira notes.

The Bankers’ Bank disclosed the branch of the commercial bank had collected its share of the new Naira for “almost two weeks”, but claimed that their Automated Teller Machines (ATMs) were not yet configured to dispense the redesigned currency denominations.

In regard to a trending video Sunday, February 5, 2023, a Deputy Director of CBN, who identified himself at Owoeye, said there was no excuse for keeping the cash in the bank, according to report.

The CBN top official reportedly said: “I’m currently at Sterling Bank as part of this monitoring compliance with the guidelines by the 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.”

Owoye also said: “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.”

Reports across the country further indicated that consumers had been facing much hardship and pains over the relative scarcity of redesigned Naira notes, especially in recent weeks.

Entrepreneurs, business people and traders, who mostly have closed shop, have all been lamenting low sales as end-consumers of their products and service equally battle with poor network when they attempt to make money transfers, preventing many from making some purchases in the end.

Meanwhile, the CBN adjusted deadline for the validity of the old Naira notes as legal tender still remains Friday, February 10, 2023.

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