The Central Bank of Nigeria, CBN on Friday berated commercial banks in Port Harcourt, Rivers State over their refusal to dispense the sum of N4.5billion newly redesigned naira notes, distributed to them in Port Harcourt.

Maxwell Okafor, Branch Controller CBN, Rivers State, who led the CBN enforcement monitoring team on the newly redesigned bank notes to some commercial banks and markets in Port Harcourt, said between Thursday and Friday, the apex bank has disbursed about N4.5bn newly redesigned naira notes to commercial banks in Rivers State and wondered why many bank customers are not getting the new naira note.

He expressed concern that some commercial banks in Port Harcourt were deliberately frustrating the efforts of the apex bank in implementing the disbursement of the new Naira notes by hoarding them in their vaults.
He charged the commercial banks to stop dispensing old notes, saying that another N2 billion of the new notes will be injected into commercial banks in Port Harcourt within the next 24 hours.

Okafor said; “We have been monitoring the dispensing of the new naira note and the impression we have is not encouraging. We have visited some banks and one of the banks we visited was not dispensing the new naira notes.

“Their ATM machines are not functioning even as early as at the time we came. We had it on good authority that the banks received money from CBN. Some of these banks received money yesterday and the money is still in their vaults.

https://rifnote.com/?p=1277107

It's getting almost impossible to single out a good person in this country.

The greed is something else and have gotten out of hand.

CBN and stupidity...

CBN should stop this charade... There is no new notes anywhere, the banks don't have it...

CBN and anti-people policies are 5&6 anyway. It's unfortunate

CBN said they have dispensed over 4.5b of the new naira note to the banks and some persons above are saying they are telling lies.


If not for political purpose and monetary gain,why will banks keep hoarding the notes and selling same to politicians for election purposes.

Whether the evil men in the banking sector likes it or not,the policy has come to stay

SensetionalGoal:
CBN should stop this charade... There is no new notes anywhere, the banks don't have it...

But the post literally says they supplied the notes to the banks and they still refused to dispense it

Ayodeji96:


But the post literally says they supplied the notes to the banks and they still refused to dispense it

Lies! they didn't supply anything... Banks don't have the new notes... I'm into finance so I know.

They are colluding with politicians. Hope they won't refuse the old notes because I have decided to take all the old notes to the bank next Friday and remain cashless until Wednesday morning when I shall go to withdraw.

This doesn't make sense tbh. It is because of our lackadaisical attitude towards punishment of culprits that why so many goes unpunished and freely.

Why should an apex bank default in dishing out its duties knowing well that there is a deadline attached to it for the smooth functioning of the duties.