An ongoing investigation by combined team of CBN and operatives from the EFCC and ICPC has uncovered how banks are hording large chunk of the New Naira Notes allocated to them by the CBN for the ongoing currency swap thus Sabotaging the process.
Speaking to Newsmen in Bauch today a CBN director Elizabeth Khwage disclosed how her team discovers that a good number of banks are hording the new notes and dispensing only a fraction to customers over the counter and via ATM's.
The director says after studying the books, they take note of how much money was received by the bank from the CBN, how much they gave to their agents and how much they dispense over the counter and through the ATM's then they juxtapose same with the amount collected from the CBN.
Mrs Elizabeth says after through examination what they discovered was some banks were hording up to 80-90% of the new notes they received from the CBN and dispensing 10-20% thereof.
The question begging for answer is, is there any penalty meted on this banks in oder to serve as deterrent to others and to what extent will the combined supervision continue and what will be the result at the end of the exercise?
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