Bank operators accuse the CBN of stockpiling new notes.










Commercial bank operators in the country have refuted Central Bank of Nigeria (CBN) assertions that they are hoarding naira notes despite having a sufficient supply.

When representatives from the banks testified before the House of Representatives ad hoc committee investigating the shortage of fresh notes and the CBN's January 31 deadline, they argued against the CBN.

Mrs. Hadiza Ambursa, a spokesperson for Access Bank's managing director, stated that the bank received only 10% of the monies deposited with the CBN.

"We are not getting the money as quickly as we would want," she claims. We only receive 10% of the money deposited. We are both paying and receiving money. We're also filling our ATM.

Mr Jimoh Garuba, a Sterling Bank spokesperson, stated that the bank receives weekly allocations from the CBN but does not have enough funds to meet the demands of its customers.

"As we speak," he continued, "our Automated Teller Machine (ATM) is dispensing what we received, which fluctuates most of the time."

He said that his bank received at least N150 million every week from the CBN to be distributed across its Abuja branches.

He further stated that the bank receives N150 million weekly in Kaduna, which is distributed to its branches across the 36 states of the nation.

According to him, in Kano, "we received N100 million monthly and we can only dispense through ATM and not at the counter.

"If we go via the counter to dispense the money, the allocation time will be reduced by 10 minutes."

He stated that the percentage of money received from the CBN varies regularly, adding that it receives 80% of what it deposits in Abuja and less than 10% in Kano.

He stated that the new designed note was not in circulation due to the CBN's cashless policy.

Ms Arerepade Akagwe, a United Bank for Africa (UBA) official, stated that the bank had taken 70% of the old money it had placed with the CBN.

She stated that the bank obtains money from the CBN on a daily basis and that today is no exception, adding that the CBN's mandate was not to issue outdated notes from the counter.

According to the News Agency of Nigeria (NAN), other banks in attendance, including Guarantee Trust Bank (GTB), ECO Bank, Lotus Bank, and Fidelity, confirmed that they had collected 60% of the old naira money placed.

Lotus Bank, for example, stated in recent weeks that the amount received was insufficient, adding that it received an average of N40 million monthly, which was insufficient due to the large number of customers.

Some MPs, however, questioned the cashless policy's viability, voicing concerns about their constituents living in the dark.

The committee's Chairman, Rep. Alhassan Ado-Doguwa, stated that the bank operators' appearance before the committee was not a witch hunt, but rather a fact-finding mission on issues impacting the people.

"We need to know the true facts underlying commercial banks' assertions that the CBN has not issued new notes and the CBN's counter-claim that it has.

He chastised the central bank for imposing a deadline on the old notes, saying it is concerning that the country's legal money will be changed at a time when elections were scheduled.

He stated that the CBN should have notified parliament before embarking on such a major undertaking as changing the legal tender, because the leadership of the house is not pleased.

According to him, altering legal tender is not unique to Nigeria; it occurs all around the world. However, if the CBN intends to introduce something sinister, we will sound the alarm.

"We are in a democratic government, and no one can be larger than democracy." (NAN)






#CBN #NEWNOTE  #BANKOPERATORSACUSETHECNOFSTOCKPILLINFNEWNOTES


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