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10 Jan 2018

'Banks Deliberately Flood Markets With Dirty Naira Notes' -CBN

Commercial banks in the
country have been accused of
deliberately flooding the
market with dirty Naira
notes, which have become an
eyesore to citizens.

This is mainly seen in the
N100 notes. At several Automated Teller
Machines (ATM) spread across
the country, customers are
given mutilated notes, a thing that has become a source of worry to many.

Acting Director of Corporate
Communications at the
Central Bank of Nigeria (CBN), Mr Isaac Okoroafor, while commenting on
the issue, also accused the banks of hoarding new notes. He said
commercial banks in
the country receive enough
new notes and wondered why they are not being circulated.

The CBN spokesman absolved
the apex bank from the
debacle, pushing it to the
commercial banks. He said
the banks were supposed to
employ people to do the sorting for them, but they
refused in order to avoid the
cost of employing personnel
for this. "Instead of bringing them to
us sorted, the banks bring
them unsorted. Then we
started charging them
N12,000 per box. A box of
N1000 notes contains N10 million worth. So, a box of
N500 notes is N5 million in
that order. So, in a bid to
avoid cost, they preferred to
re-circulate old and mutilated notes."

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