New Naira: They Have Five ATMs – CBN Releases Video Of Bank In Ekiti Hoarding N6million Amidst Cash Scarcity

A monitoring team of the Central Bank of Nigeria (CBN) has accused Sterling bank in Ado Ekiti, the capital of Ekiti State of hoarding new naira notes for almost two weeks under the pretext that their automated teller machines were not yet configured.

In a video making the rounds on social media a deputy director of the CBN who identified himself at Owoeye said 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.”

Naija News reports that there have been complaints across the country of Nigerians passing through economic hardship due to the scarcity of naira notes.

Traders have also lamented over their low sales as customers often battle with network issues when trying to make transfers hence they end up leaving without buying the goods.

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

Watch the video below