CBN uncovers N4m in Ogun, knocks commercial banks - Punch Newspapers

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“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 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.

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