CENTRAL Bank of Nigeria, CBN, has indicated its readiness to inspect banks’ cash stores for possible hoarding of cash making it difficult for people to access the new currency notes.
Maxwell Okafor, Branch Controller, CBN in Port Harcourt, Rivers state, while assuring the public that the swap of old notes for the new notes would last till the deadline on naira exchange, said, “The sincere truth is that the situation is not smooth. Many of the banks are making the process too cumbersome.
“For us to enter the bank today to assist these POS operators, it took a lot of pains. I wonder if Nigerians go through these pains when we are here, what will happen when we are not here.
“For hoarding, we will need further exercise to establish that. It means we have to go into their strong rooms, check how they disbursed what they have, ATM, individuals before we can establish that. But the process is slow, and we are pleading with banks to make the process easier.”
Since the announcement of the introduction of the new naira notes in November 2022, Nigerians have complained about widespread shortages of the new notes in bank ATMs even as the Central Bank of Nigeria has directed that the new notes should not be disbursed over the counter. This has resulted in long queues at bank ATMs and pockets of violence across the country among frustrated citizens.
