Many Points of Sales (POS) agents that spoke with TheNiche claim they get the notes from bank officials who charge them as much as N10%. They, in turn, charge 20% for every withdrawal.
By Ishaya Ibrahim
Operatives of the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and other related offences Commission (ICPC) have busted a commercial bank (name withheld) for hoarding a whooping N287 million of the new banknotes.
Nigerians have been going through difficulties getting the new naira notes despite repeated assurances by the CBN that they have given the banks enough to meet the cash needs of Nigerians.
It has, however, emerged that the banks are hoarding the notes and trading with them. Many Points of Sales (POS) agents that spoke with TheNiche claim they get the notes from bank officials who charge them as much as N10%. They, in turn, charge 20% for every withdrawal.
TheNiche has, however, observed that many of the banks, especially those on Allen Avenue, are now disbursing the new naira notes from their Automated Teller Machines (ATMs), although the queues are still extremely long.
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This situation is a far improvement from last week’s when almost all the banks, except a few of them, did not load their ATMs with cash. This may not be unconnected to CBN directives to EFCC and other security agencies to monitor and report violating banks for CBN’s hammer.