New Notes: CBN to monitor banks’ vaults

Port Harcourt—The Central Bank of Nigeria (CBN) has said it will monitor bank’s strong rooms in Rivers State as a way to checkmate banks that hoard the new naira notes and make it difficult for Nigerians to access them.

Dailytrust reports that the Rivers State Branch Controller of CBN, Mr Maxwell Okafor, disclosed this in Port Harcourt, Rivers State capital, after monitoring the CBN cash swap in Port Harcourt and Igwurita in Ikwerre local government area of Rivers State, on Sunday.

Mr Okafor said many residents, especially the POS operators, are finding it difficult to access the new naira notes, thereby making it hard for the money to get to the areas where banks do not exist.

He said POS operators were passing through difficulty to get the new notes, saying many get discouraged from going to the banks because of the stress of staying for several hours.

He said monitoring of the bank’s strong room will put an end to the hoarding of the notes by defaulting banks.

“It took us lots of time for us to enter the bank hall to assist POS operators to get the new naira notes. If Nigerians can experience this type of thing in our presence how much more when we are not around?

“Banks should make the process of cashing money easier for Nigerians so that they can access the new naira notes, especially the POS operators”

“The POS operators take money to many of the places where banks do not exist as they can push the money to every nook and cranny of the state. As for hoarding of the new naira notes, we have to do further exercise to ensure that money is distributed to the people.

“It means we have to get to their strong rooms. We will check how they disburse what they have, what they have in the ATM,” [/b]he said.

He said the apex bank will visit other banks outside Port Harcourt to ensure compliance with the disbursement of the new naira note and appealed to banks to assist CBN to make the process easy.

Leave a Reply

Your email address will not be published. Required fields are marked *


It takes lots of money to inform, educate and entertain audiences, keep a watchful eye on the government as well as promote values that will benefit society through virile journalism.

We therefore request your modest donation to ensure that our news and other content remain freely available and accessible to all netizens.