The Central Bank of Nigeria, on Tuesday, said it has uncovered N4 million of new naira notes mismanaged by a commercial bank in Ogun State.

It also accused commercial banks of sabotaging the efforts of the CBN in making the new naira notes available.

The Deputy Director, Banking Supervision Department, CBN Lagos, Kayode Makinde, disclosed this to newsmen on Tuesday while leading a team on the monitoring exercise in Ogun.

Makinde said this week would be the third week of the monitoring exercise in the state in an effort to ensure compliance to the directives of the CBN as regards issuance of new notes.


He said that the CBN should not be blamed for scarcity of new naira notes but the commercial banks.

He disclosed that the team uncovered that a commercial bank mismanaged new naira notes given to it, adding that the bank involved and its officials will be sanctioned appropriately.

“This is the third week of ensuring strict implementation of our directive as regards issuance of new notes. We have banks, agents and super agents circulate new notes in the economy. The experience has been mixed, we saw some trying to hoard new notes, we compelled them to upload into ATM terminals, others had poor cash management.


“From our experience, CBN should not be blamed but commercial banks for scarcity. We caught some of them, with new notes in their vault, we compelled them to upload to their machines. We told them that instead of trying to ration, upload the ones you have and contact your central cash Management unit which has direct access to CBN.

“We came across instances of sabotage on the part of operators, we will take the case up and will be dealt with appropriately.

“We have given directive that they shouldn’t pay out new notes via the counter but other notes, some of them did that and ran out of cash. Some of the branches deployed resourceful cash management skills and they never ran out of cash while other experience cash run out and are still waiting for their source.

“We came across one of them that couldn’t account for almost four million naira of new notes and appropriate sanction will be placed on them,” Makinde said.

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.

Source: https://punchng.com/CBN-uncovers-N4m-in-Ogun-knocks-commercial-banks

I have already maintained that many commercial banks are working with politicians

Yet e dey smell

Hmmmm
I will always say and i will keep on telling people that our politicians are not the corrupt ones

But the masses on the street
Go to government parastatal and organisations
And see the way workers and civil servants are behaving....
For all of you thinking we are gonna tackle corruption should forget about it
Nigerians are sincerely not angry about corruption but they are pretending to because they are not the ones carrying out the corruption

Wait just take a walk to any government yellow fever vaccine centre and tell them you want the vaccine...I repeat they won't give it you...the person on duty willl demand 20k to 25k...this is something government supplied for free for the masses to be vaccinated

Please 🙏 our media houses wether TV stations and radio should stop airing programs on only how listeners will be calling in to criticise our politicians only.....all media houses should enter the street of Nigeria and see corruption...

Send them to jail eye Dey pepper Nigerians. No fuel no money no electricity, na wah o

POS are charging 300 for 5k old notes

Now who do we blame?

Govt
Banks
POS operators
Ourselves

I don tire

Fidelity Bank... holding it for Peter Obi.

I tire for this country.

We move

Lol just 4m CBN Neva serious dem go soon uncover 50k....

So na 4m dey cause scarcity like this wetin no go take customer 1hr before dem withdraw am finish...


make dem give us the bank address make we go withdraw the ,4m...

A sane president should have sacked this CBN governor for his failures - poor redesign of new notes, distribution, etc. He is even saying the notes will stop be accepted for deposit later....
Now, should we believe that it is just this ₦4m that is causing the scarcity of the new notes?

If na to run away, I go run away

Quiet expected

Just 4M and they are making noise.

CBN are trying so hard to exonerate themselves from this economic mess, and pitching Nigerians against the commercial banks

Hmmm...you know who

What?
Can you imagine!
This extra 10 days is for looters to exchange more.

Hmmmm, while they make d masses suffer

Proceeds of skull mining

Imagine the nonsense

1. Ladies and Gents, Send us Your photos and get it customized on high definition prints on quality canvas and Frames, you would get it within 5days anywhere in the country. Amaze your visitors this year with our project.

2. TRAINING COURSE!!!
We also train people on how to produce Canvas and Frames art prints. The course has empowered many people.The practical video contents are rich enough to get you the required skills in less than a week.The registration fee for this online course is just N2,000. You can equally empower someone by getting this for him/her. Our website/Phone No are in those photos ...

What desperate PDAPC politicians can not do does not exist. 2023 you all are going homw

Okay

What do you expect from Emilokan de bullion van Region.

Kingspin:
I have already maintained that many commercial banks are working with politicians

like Tinubu

Just look at what useless Buhari govt has turned Nigeria into , CBN causes a serious Monetary issue and want to blame banks for it

CBN,

Banks here in Osun don’t have the new notes. The ATMs are not dispensing new notes

Just 4m

There's far more fraud going on with this new currency beyond 4m

Last last the politicians are fully in charge of this country banking system

May be they are arranging it for emilokan. No money for vote buying.

Tinubu money