The Central Bank of Nigeria (CBN), says it has uncovered N4 million of the redesigned naira notes mismanaged by a commercial bank in Ogun State.

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It also accused commercial banks of sabotaging the efforts of the CBN in circulating the new naira notes.

The Deputy Director, Banking Supervision Department, CBN Lagos, Kayode Makinde, disclosed this to journalists on Tuesday while leading a team on the monitoring exercise in Ogun.

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Makinde said this week would be the third week of the monitoring exercise in the state in an effort to ensure compliance to the directives of the CBN as regards issuance of new notes.He said that the CBN should not be blamed for scarcity of new naira notes but the commercial banks.

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“This is the third week of ensuring strict implementation of our directive as regards issuance of new notes. We have banks, agents and super agents circulate new notes in the economy. The experience has been mixed, we saw some trying to hoard new notes, we compelled them to upload into ATM terminals, others had poor cash management.From our experience, CBN should not be blamed but commercial banks for scarcity. We caught some of them, with new notes in their vault, we compelled them to upload to their machines. We told them that instead of trying to ration, upload the ones you have and contact your central cash Management unit which has direct access to CBN.

“We came across instances of sabotage on the part of operators, we will take the case up and will be dealt with appropriately.

“We have given directive that they shouldn’t pay out new notes via the counter but other notes, some of them did that and ran out of cash. Some of the branches deployed resourceful cash management skills and they never ran out of cash while other experience cash run out and are still waiting for their source.

“We came across one of them that couldn’t account for almost four million naira of new notes and appropriate sanction will be placed on them,” Makinde said.

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