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Naira crisis: Video shows Ekiti bank hoarding N6m

A monitoring team of the Ekiti branch of Central Bank of Nigeria (CBN) has accused a bank in Ado Ekiti, the capital of Ekiti State of hoarding new naira notes it had collected for almost two weeks, while claiming that their automated teller machines were not yet configured.

The deputy director of the CBN, who identified himself as Owoeye, said in a trending video on Sunday that there was no excuse for keeping the cash.

He said, “I’m currently at Sterling Bank as part of this monitoring compliance with the guidelines by the CBN. They have six million which they have collected from the bank for almost two weeks. They have not dispensed any. They said they are yet to configure their ATM. I don’t know why. I have brought their attention to the penalty clause of one million per day. They have five ATMs. They don’t have any reason for keeping this money.”

The Informant247 reports that many Nigerians have been facing a lot of hardship over the scarcity of the new naira notes in recent days.

It was gathered that the traders have also been lamenting low sales as customers also battle with poor network when trying to make transfers, causing many not to eventually buy the goods again.

According to CBN, the deadline for the validity of the old naira notes remains February 10, 2023.

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