JUST IN: CBN Threatens Popular Bank For Allegedly Hoarding New Naira Notes

JUST IN: CBN Threatens Popular Bank For Allegedly Hoarding New Naira Notes

The Central Bank of Nigeria (CBN) has threatened to fine Sterling Bank for hoarding new Naira notes made available to financial institutions for public disbursement.

According to the CBN’s Deputy Director, Oluwole Owoeye, about N6 million was discovered hoarded in the Sterling Bank branch in Ado-Ekiti, with the firm’s Auto Teller Machines (ATM) empty.

This was revealed in a video that went viral on Monday. Owoeye stated that Sterling Bank had been notified of the N1 million penalty.

Recall that the central bank and President Muhammadu Buhari have accused deposit money banks (DMBs) of sabotaging the transition from the old Naira to new banknotes.

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“I am currently at Sterling Bank, on Bank Road as part of the new naira notes monitoring compliance with the guidelines by CBN. They have N6 million, which they collected from the bank for almost two weeks, they have not disbursed any.

“They said they are yet to configure their ATMs, I do not know why that and I have brought attention to the penalty clause of N1 million per day, because they have five ATMs here, they have no reason for keeping this money.

“The zonal service manager, Tunde Onipede promised that by 10:00am latest tomorrow (Monday), because I told him by latest 10:00 am I’ll be here and I want to see the machine dispensing this money,” the CBN official said in the video.

Ademola Adesina, Sterling Bank’s Public Relations and News Management officer, responded by admitting that the funds were with the bank but claiming that they were in N200 denominations and that the ATM machines at that branch were not configured to dispense N200 notes.

He further stated that “at the time of the visit, the subsisting instruction was that the newly designed notes were not to be dispensed over the counter”.

He said however, that “All denominations can now be withdrawn from our ATMs and over the counter in line with regulatory pronouncement on February 2, 2023.

“We hereby confidently assure the public that the branch was not hoarding
any funds”.

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