Banks counter CBN for alleged hoarding of new notes

Operators of Commercial Banks in Nigeria have countered the Central Bank of Nigeria (CBN) over claims that the commercial banks are hoarding new naira notes.Information Guide Nigeria

This happened after their officials appeared before the House of Representatives ad hoc committee investigating the scarcity of the new notes and the January 31 deadline.

An official of Access Bank, Mrs Hadiza Ambursa who represented the Managing Director of Access Bank said, “we are not getting the money as quickly as we want them. We only get 10 per cent of the money deposited.

“We are paying and collecting money. We are also loading our ATM.

Also speaking at the hearing, the representative of Sterling Bank, Mr Jimoh Garuba, said, “as we speak, our Automated Teller Machine (ATM) is dispensing what we received which fluctuate most time.”

According to him, Sterling Bank received a minimum of N150 million from the CBN weekly to be shared among its branches in Abuja.JAMB portal

He added that the bank received N150 million weekly which is shared among its branches across the 36 states of federation.

“we received N100 million weekly and we can only dispense through ATM and not through the counter.

“If we are to go through the counter to dispense the money, the allocation will go in less down 10 minutes.”

He pointed out that the percentage of money received from the CBN varies on weekly basis, adding that it receive 80 per cent of what it deposited in Abuja and less than 10 per cent in Kano.NYSC portal

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The representative of the United Bank for Africa (UBA), Ms Arerepade Akagwe, said the bank had taken 70 per cent of the old money it deposited with the CBN.

Ms Arerepade Akagwe said the bank collects money from CBN every day and today isn’t an exception, adding that the directive from the CBN was not to issue the old notes from the counter.

According to the News Agency of Nigeria (NAN), other banks in attendance such as Guarantee Trust Bank (GTB), ECO bank, Lotus Bank and Fidelity agreed that they have collected 60 per cent of the old naira money deposited.

Lotus Bank for instance said in the last few weeks what it was receiving was insufficient, adding that it received an average of N40 million weekly and that was not sufficient because the customers are many.NYSC portal

Some of the lawmakers, however, queried the workability of the cashless policy, raising concerns about their constituents living in remote control.

The Chairman of the committee, Rep. Alhassan Ado-Doguwa, said the bank operators’ appearance before the committee was not a witch hunt exercise but a fact-finding on issues affecting the people.

“We need to know the actual facts regarding claims by commercial bank that CBN has not released new notes and the counterclaim by the CBN that it has released same.

He attacked the apex bank for giving deadline on the old notes adding that it is worrisome that this is happening at a time when election is fast approaching.

Ado-Doguwa said the CBN should have contacted the parliament before changing the legal tender, because the leadership of the house is not happy about it.JAMB Result

He added, “We are in a democratic government and no one can be greater than the institution of democracy.” (NAN)

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