As Nigerians mark a week of anguish and frustration over naira swap policy, the Central Bank of Nigeria (CBN) has placed cash operations of banks on strict monitoring, as concerns over handling of new naira notes disbursed to the lenders continue. There have been speculations that some bank officials sell the new notes to politicians and other VIPs for a premium, leading millions of Nigerians to scramble for cash for transactional purposes.
As Nigerians mark a week of anguish and frustration over naira swap policy, the Central Bank of Nigeria has placed cash operations of banks on strict monitoring, as concerns over handling of new naira notes disbursed to the lenders continue.
It was learnt that some managing directors have, through memos, threatened to sack any branch manager found wanting as the industry faces one of its toughest moments. The Guardian was shown a debit SMS at one of the second-generation banks in Lagos. The customer, a Point of Sale operator, was debited N20,800. She was handed N20,000 while N800 was retained by the teller.
Meanwhile, the apex bank has urged Nigerians to be patient as it addresses the challenges. CBN also directed banks to commence payment of the new notes over the counter subject to a maximum of N20,000 daily withdrawal. There was massive protest in Marina, Lagos Island, yesterday, over non-availability of the new notes and suffering of the masses. The protest, organised by a Coalition of Civil Society groups, saw hundreds of protesters storming banks on the island, where many of the banks’ headquarters are located, to demand availability of the new notes.
She said President Muhammadu Buhari is unhappy with the situation but by the same token likened it to a wound that needs to be dressed. The Resource Centre for Human Rights & Civic Education has also lamented that the forthcoming elections will take place at a time when the country is facing numerous challenges. Ibrahim Zikirullahi, CHRICED executive director, made the observation at a media briefing on the ‘state of the nation’ in Abuja yesterday.
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