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We will go into banks’ strong rooms to ensure they pay customers new Naira notes – CBN

Central Bank of Nigeria, CBN, has said it would have to go into strong rooms of commercial banks to ascertain possible hoarding and other unhealthy conducts among challenges making it difficult for people to access the new currency notes.

Maxwell Okafor, Branch Controller, CBN in Port Harcourt, Rivers state, gave the explanation yesterday over the apex bank’s ongoing direct cash swap for residents in Rivers, especially those without bank accounts.

Okafor who assured that the direct swap would last till the deadline on naira exchange, said, “The sincere truth is that the situation is not smooth. Many of the banks are making the process too cumbersome.

“For us to enter the bank today to assist these POS operators, it took a lot of pains. I wonder if Nigerians goes through this pains when we are here, what happens when we are not here.

“For hoarding, we will need further exercise to establish that. It means we have to go into their strong rooms, check how they disbursed what they have, ATM, individuals before we can establish that. But the process is slow and we are pleading with banks to make the process easier.”


On the direct cash swap in Rivers, he said, “Tomorrow, we are going to Buguma, Omoku, Ahoada, Oyigbo, Onne, Eleme. So we will gradually cover all the hinterland of the state to make sure we exchange money directly for persons, especially those who do not have bank account.

“We are going to cover all local government areas in the state. It is unfortunate, anybody not able to exchange his own before the deadline will loose his money, but we are augmenting efforts of the banks to make sure as much as possible, everybody has opportunity to exchange the old naira.”




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