The Central Bank of Nigeria (CBN) has said it will monitor bank’s strong rooms in Rivers State as a way to checkmate banks that hoard…

The Central Bank of Nigeria (CBN) has said it will monitor bank’s strong rooms in Rivers State as a way to checkmate banks that hoard the new naira notes and make it difficult for Nigerians to access.

The Rivers State Branch Controller of CBN , Mr Maxwell Okafor , disclosed this in Port Harcourt, Rivers State capital, after monitoring the CBN cash swap in Port Harcourt and Igwurita in Ikwerre local government area of Rivers State, on Sunday.

Mr Okafor said many residents, especially the POS operators, are finding it difficult to access the new naira notes, thereby making it hard for the money to get to the areas where banks do not exist.

He said POS operators were passing through difficulty to get the new notes, saying many get discouraged from going to the banks because of the stress of staying for several hours.

He said monitoring of bank’s strong room will put an end to hoarding of the notes ny defaulting banks.

“It took us lots of time for us to enter bank hall to assist POS operators get the new naira notes. If Nigerians can experience this type of thing in our presence how much more when we are not around. Banks should make the process of cashing money easier for Nigerians so that they can access the new naira notes, especially the POS operators”

[b]“The POS operators takes money to many of the places where banks do not exist as they can push the money to every nooks and cranny of the state. As for hoarding of the new naira notes, we have to do further exercise as to ensure that money is distributed to the people . It means we have to get to their strong rooms. We will check how they disburse what they have , what they have in the ATM,” [/b]he said.

He said the apex bank will visit other banks outside Port Harcourt to ensure compliance with the disbursement of the new naira note and appealed to banks to assist CBN make the process easy.

https://dailytrust.com/new-notes-cbn-to-monitor-banks-strong-rooms/

Anytime I see CBN, I see a combination of Buhari and Emefiele........And since Buhari is in the equation, I guess he will want to use the DSS to do the monitoring of the strong room just the same way he use the DSS to monitor petrol filling stations during fuel scarcity.

Everything DSS

They should, too many dubious activities going on there and the bank managers are fully aware.

The way Gbola Thiefnubuu wept bitterly in Ogun State last week over the Naira redesign clearly shows that he has evil plans which will be brought to ruins next month. An old demented drug criminal whose only hope is on vote buying and thuggery.

Tinubu o lu le

They should find a way of monitoring total money disbursed by ATM

Good! CBN is really trying its best to make the new notes available but saboteurs in our commercial banking system are also devising means to frustrate these efforts.
Nigerians are Nigeria's problems

Fake

I don't know why bla blu is hellbent to frustrate the good effort of the CBN governor to fortify the country. We say no to drug lord.

Nice move.

Nonsense and ingredients

Fake naira

If only we the common men know how the new naira notes have been stocked up in various houses of these so-called elites

The banking sector is one of the most corrupt institution in Nigeria....May God deliver this country from the hands of these political predicators..

Fake naira note

Emefielenomics.

The naira is falling not for any reason other than the dwindling national reserve and ever increasing debt and debt servicing fee.

Fix those two endemic issues and see the naira doing wonders.
With the scarcity of this,people will now be treating money now as a scarce commodity, those who have it will now be hoarding it, and using the old ones, with fear of exhausting their own and having to now suffer... This very fact will lead to continual shortage...

Banks and Pos are now selling the old currency to the highest bidder,and who else can bid more than the hoarders who have enough to spare n can hoard.

Untill banks can pay in new currencies over the counter,the old money will still exceed the new in circulation... You take old money there n then still get old on withdrawal...viciouscircle

This is a currency mop up operation to promote cashless transactions

Nairafake

Still on still.... register your business

Some bank managers should be sent to prison. So many of them are the reasons why Yahoo Yahoo got so bad in Nigeria in the early 2000s.

you can dupe oyinbo $100,000 they will tell you their own percentage otherwise they will call efcc. and ordinarily Yahoo boys won't mind cos it's a stolen money anyway.

These managers were working hand in hand with these Yahoo boys talk less of selling ordinary Naira to corrupt politician.

The big question should be, "why are banks hoarding the new notes"?

Reading

Wike won't like this

These stupid POS operators are supposed to collect the old notes when you deposit and give you only new notes when you withdraw but some do not.

There is this particularly stupid and senseless boy in my neighborhood. He will keep the new notes hidden in his shop and give you only old notes.
How can I report him to CBN please ?

Anything to move our darling nation forward is all we want at [b][/b].

Nigeria will be great in our lifetime whether the evil ones like it or not.

God bless the good Nigerians that pray for and want the best for our darling nation,
May the curse of the land be upon the Children of hate, frustrations and perdition that wish our country bad day in day out.
Nothing good will ever come their miserable lives.

We Rise.

What's CBN reason for redesigning a new naira note?

I definitely do not believe it's curb vote buying during the forthcoming presidential election, because that would be mean to say, the naira note would now undergo continuous redesigns every 4-8 years.

odoemenacelevian:
They should find a way of monitoring total money disbursed by ATM

Exactly

Lamba

Good! Bankers are more corrupt and w!cked than politicians.

Banks are major cause of some of our problem in this country

In fact the whole stuff is already sabotage, those to supervise are human nurtured in a corrupt environment, you never expect miracle from them. They should have stand on that 31st abeg