You are here: HomeNews2023 02 06Article 627410

Business News of Monday, 6 February 2023

Source: www.legit.ng

Nigerian banks react as ICPC arrests officials, discovers new naira notes hidden in vaults

The photo used to illustrate the story The photo used to illustrate the story

Nigerian banks have denied hoarding the new naira notes as security operatives storm its branches across the country.

The Independent Corrupt Practices Commission, the Economic and Financial Crimes Commission, and other anti-graft agencies in the last week visited banks to investigate the distribution of the new naira notes allocated from the Central Bank of Nigeria.

The agencies have made public arrests and videos of hidden naira notes in banks' strong rooms, as well as ATMs that are not properly set up to distribute the new notes.

Banks reacts The Association of Corporate Affairs Managers of Banks (ACAMB) has reacted by stating that banks are not hiding the new naira notes.

The statement, however, signed by Rasheed Bolarinwa, president of ACAMB, sympathized with the unintended effects of the ongoing deployment of redesigned naira notes.

Part of the statement reads: “There is no doubt that the unintended constraints in the withdrawal of old naira notes and circulation of new naira notes, alongside the national policy to enhance cashless transactions, have had unintended effects on the generality of the Nigerian populace.”

“ACAMB affirms that without any equivocation banks are not in any way hoarding or holding back naira notes or engaging in any act inimical to our avowed commitment to exciting customer experience.

"ATMs are being loaded every day and cash is being paid as provided by the CBN, as regularly being checked by CBN inspectors and other regulators including anti-graft agencies.”

Punch reports that ACAMB further urged the Nigerian banking public to exercise patience and not to resort to any untoward behavior against Bank staff or banking facilities.

Also, the Association of Senior Staff of Banks and other Financial Institutions (ASSBIFI), at the weekend, condemned attacks on banks and staff as a result of the naira scarcity.

ASSBIFI, in a statement by Olusoji Oluwole, its president, also said that bank staff was not saboteurs as insinuated by the public.

According to the statement, Nigerian banks are currently working with the CBN to ensure that customers have access to cash through ATMs and other channels as well as Over-The-Counter (OTC) in the banking halls.