By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Independent News ExpressIndependent News Express
  • Home
  • International
    InternationalShow More
    United Nations
    4th International Conference On Financing For Development Delivers Renewed Hope And Action For Sustainable Development
    1 month ago
    The African Development Bank and the United Nations Human Settlements Programme (UN-Habitat) scale up drive for sustainable urbanization in Africa
    AfDB, UN-Habitat Scale Up Drive For Sustainable Urbanisation In Africa
    1 month ago
    UN
    North Africa: Green Climate Fund Approves Record $300m For FAO-designed Projects In Papua New Guinea, Saint Lucia, The Sahel
    1 month ago
    UNICEF
    How Wars Across Middle East, North Africa Affecting Children – UNICEF
    1 month ago
    UNDP
    UN Development Programme Welcomes Historic Deal On Sustainable Development Even Amidst Global Turmoil
    1 month ago
  • Africa
    Africa
    Show More
    Top News
    Human Rights Watch Kicks Over 10-Year Jail Term Giving Burundian Journalist
    3 years ago
    Democracy In Africa In Crisis, Afrobarometer Warns
    2 years ago
    Hopesalive Initiative for Africa
    Queen Temitope Enitan-Ogunwusi Receives African Award In Ethiopia
    2 years ago
    Latest News
    Ghana President Mahama Calms Nigerians’ Fears: No Mass Deportations
    2 weeks ago
    At Gender Statistics Forum, African Leaders Urge Renewed Commitment To Quality Gender Data
    1 month ago
    Ooni’s Wife, Olori Temitope Enitan-Ogunwusi Takes Ile Ife Royalty To ADWIN Launch In Cote d’Ivoire
    2 months ago
    Independent UN Body Finds Systemic Racism Against Africans And People Of African Descent
    2 months ago
  • Corporate News
    • Media Outreach
  • Politics
    Politics
    Show More
    Top News
    Tinubu’s Ambition Suffers Setback, As Coalition Of APC Groups Shift Support To Atiku/Okowa Presidency 2023
    2 years ago
    PAN Chief Congratulates Akwa Ibom Governor-Elect, Says He’s Inspiration To Persons Living With Albinism 
    2 years ago
    Rejected Nominees: Lagos Assembly Action Was In Order, Obasa Declares
    2 years ago
    Latest News
    Edo District Bye-election: SDP Candidate, Hon. Isidahomhen Promises To Pursue Best Interest Of Esanland 
    5 days ago
    PHOTOS: Vinod Obasa Takes Oath Of Office
    2 weeks ago
    Gov Adeleke’s Outburst Against Aregbesola Shows Sign Of A Drowning Man – ADC Group
    4 weeks ago
    Youth Party Releases Primary Election Guidelines Ahead of August 16 Bye-Elections
    1 month ago
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
    News
    Show More
    Top News
    Ondo Governor, Akeredolu Begins Construction Of First Flyover In Akure
    2 years ago
    Celebration Of Life: Reverend Adewumi Jegede Of Later House Of God Assembly Buried Amid Pomp
    1 year ago
    Pa Abdulfatah Amoo Ayanwale
    Pa Ayanwale Dies At 76, Fidau Prayers Holds 8 August
    2 years ago
    Latest News
    Chief Of Army Staff Honours Musa Kida On His Contributions To Growth Of Nigeria Basketball
    7 hours ago
    Nigerian Youth Urged To Lead Innovation For SDGs Success By 2030
    2 days ago
    Archbishop Lucius Ugorji Hails Knight Of St. Mulumba Over Multi-Million Naira Modernized Water Factory Project
    3 days ago
    Ikukuoma’s Foundation Brings Free Medical To Centre Stage At Heartland 2025
    1 week ago
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
    Entertainment
    Show More
    Top News
    Temi Otedola Makes Her Stage Debut In Motherland The Musical
    3 years ago
    Discover Exciting Programmes with Ease on GOtv
    2 years ago
    Nigerian Afrobeat Artiste WONDA Drops Captivating Summer Anthem ‘Ibiza’
    2 years ago
    Latest News
    Unlock More for Less as Big Brother Naija Season 10 Beckons
    4 weeks ago
    Purp vs Raymu: Who Will Be Crowned The Next Nigerian Idol?
    1 month ago
    Local Content Powers African Dreams
    1 month ago
    The Drama Returns As BBNaija ‘No Loose Guard’ Reunion Premieres June 23
    2 months ago
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
    Lifestyle
    Show More
    Top News
    Sanwo-Olu Receives TAMPAN Award
    6 months ago
    HEPHZIBAH News… Nothing Against The Truth, But For The Truth
    2 years ago
    With Love From Ooni Of Ife, Celebrates Valentine Days With Newborn Babies With Assorted Gifts
    2 years ago
    Latest News
    Noble Call to Service: Inside the Induction of 104 New Knights of St. Mulumba
    2 months ago
    Joining The Knighthood Brings You Closer To God -Sir Eva Njemanze
    2 months ago
    Africa Tech Festival Unveils Strategic Themes For 2025 Event,
    2 months ago
    Lagos SWAN Joins UN To Celebrate World Nutrition Month At Unilag Confab
    3 months ago
  • Business
    • Banking & Finance
    • Oil & Gas
    BusinessShow More
    Opay In Trouble, Caught In Alleged Fraud Allegations And Legal Controversies Between January To July 2025
    2 weeks ago
    Petralon's Nigerian Drilling Campaign to Boost Offshore Oil Output
    Petralon’s Nigerian Drilling Campaign To Boost Offshore Oil Output
    1 month ago
    Year 2025
    How Nigeria Can Unleash Its Economic Potential – IMF
    1 month ago
    GTCO Plc Becomes 1st West Africa’s Financial Services Institution To Achieve Listing And Trading Of Its Ordinary Shares On London Stock Exchange
    1 month ago
    Unity Bank
    Unity Bank Empowers Young Entrepreneurs With ₦16M Business Grant
    1 month ago
  • Health
    Health
    Show More
    Top News
    NCDC Activates Lassa Fever Emergency Operations Centre In Nigeria
    3 years ago
    UNAIDS: Fully Financing HIV Response In Africa Will Save Millions Of Lives
    2 years ago
    How To Avoid Urinary Tract Infections During Sex
    2 years ago
    Latest News
    At AIDS Council Meeting, Lagos First Lady Urges Bold, Sustainable Action for Nigeria’s HIV Response
    1 week ago
    Africa Speaks Out, Ready To Stop Health Worker Migration Crisis
    1 week ago
    AIDS Society Welcomes US Bipartisan Move To Protect PEPFAR
    4 weeks ago
    SSB Tax: Industry Actors, Paid Mouthpieces Slammed Over Campaign To Stop CAPPA
    1 month ago
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Reading: SABOTEURS: N4 Millions New Naira Notes Hoard By Banks In Ogun State
Share
Notification Show More
Aa
Independent News ExpressIndependent News Express
Aa
  • Home
  • International
  • Africa
  • Corporate News
  • Politics
  • News
  • Entertainment
  • Lifestyle
  • Business
  • Health
  • More
Search
  • Home
  • International
  • Africa
  • Corporate News
    • Media Outreach
  • Politics
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
  • Business
    • Banking & Finance
    • Oil & Gas
  • Health
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Have an existing account? Sign In
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Independent News Express > Blog > Banking & Finance > SABOTEURS: N4 Millions New Naira Notes Hoard By Banks In Ogun State
Banking & FinanceBusiness

SABOTEURS: N4 Millions New Naira Notes Hoard By Banks In Ogun State

Last updated: 2023/02/01 at 8:56 AM
3 years ago
Share
SHARE

The sum of N4 millions new naira notes have been discovered to be hoarded by commercial banks in Ogun State, southwest Nigeria.

This discovery was made by the officials of the Central Bank of Nigeria (CBN) who said on Tuesday that they discovered N4 millions of new naira notes hoarded in some commercial banks in Ogun State.

Premium Times reports that the deputy director, banking supervision department, CBN Lagos, Kayode Makinde, said this on Tuesday while monitoring the distribution of the new naira.

- Advertisement -
Ad imageAd image

The CBN senior staffer who was obviously angry accused commercial banks of sabotaging the efforts of the CBN to make the new naira notes available.

Mr Makinde said this is the third week of the monitoring exercise in the state in an effort of the CBN to ensure compliance with its directives on the issuance of new notes.

It will be recalled that some politicians have accused the President of the CBN, Godwin Emefiele, of trying to sabotage the circulation of the new notes for political reasons.

The political bigwigs believed that the CBN president was hoarding the new notes to scuttle the general elections.

Mr Makinde, however, told the public to blame the commercial banks over the scarcity of the new notes, saying the CBN has done its part.

“This is the third week of ensuring strict implementation of our directive as regards the issuance of new notes. We have banks, agents and super agents circulate new notes in the economy. The experience has been mixed, we saw some trying to hoard new notes, we compelled them to upload into ATM terminals, and others had poor cash management.

“From our experience, CBN should not be blamed but commercial banks for scarcity. We caught some of them, with new notes in their vault, and we compelled them to upload them to their machines. We told them that instead of trying to ration, upload the ones they have and contact your central cash Management unit which has direct access to CBN for more.

“We came across instances of sabotage on the part of operators, we will take the case up and they will be dealt with appropriately.

” We have given a 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 others experience cash run out and are still waiting for their source.

You Might Also Like

Adesina Reiterates Commitment To Africa’s Development As He Bows Out Of AfDB On 1 Sept

Opay In Trouble, Caught In Alleged Fraud Allegations And Legal Controversies Between January To July 2025

Petralon’s Nigerian Drilling Campaign To Boost Offshore Oil Output

How Nigeria Can Unleash Its Economic Potential – IMF

GTCO Plc Becomes 1st West Africa’s Financial Services Institution To Achieve Listing And Trading Of Its Ordinary Shares On London Stock Exchange

TAGGED: CBN, New Naira Notes
INadminNG February 1, 2023 February 1, 2023
Share This Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Print
Previous Article WASH Services In Libya: Japan Donates 750,000 US Dollars To UNICEF
Next Article Handball: Opeifa Cup Hots Up In Lagos
about us

Independent News Express (iNews Express), a publication of 4Ds Nigeria Limited, is birthed out of the desires of the founding fathers to report News as it is.

We value Professionalism, Excellence, Service, Creativity and Integrity.

The Company

  • Home
  • About Us
  • Contact Us
  • Privacy & Policy

Quick Links

  • Advertise with us
  • Newsletters
  • Deal

Categories

Find Us on Socials

© Independent News Express. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?