Central Bank of Nigeria says it will begin to monitor banks’ strong rooms in order to checkmate banks hoarding the new naira notes and making it difficult for Nigerians to have them.
Rivers State CBN Branch Controller, 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.
Okafor said many residents, especially the POS operators, had been finding it difficult to access the new naira notes, thereby making it hard for the money to get to the areas where banks are not existing.
He said POS operators were experiencing difficulty getting the new notes, saying many get discouraged from going to the banks because of the stress of queuing for several hours.
He said monitoring of banks’ strong rooms would put an end to hoarding of the notes by defaulting banks.
He said, “It took us lots of time for us to enter bank hall to assist POS operators 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 takes money to many of the places where banks do not exist as they can push the money to every nooks and cranny of the state. As for hoarding of the new naira notes, we have to do further exercise as 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.”
The CBN branch controller said the apex bank will visit other banks outside Port Harcourt to ensure compliance with the disbursement of the new naira note, appealing to banks to assist CBN to make the process easy.