The EFCC arrested an operations manager at a commercial bank in Abuja for suspected hoarding of N29 million of the new naira notes. The bank was accused of refusing to load its ATMs with the money despite having it in their vaults. The EFCC stated that the arrest was made as part of their ongoing efforts to monitor banks and prevent any sabotage of the government’s monetary policy. The bank official was taken into custody for further questioning and the bank was ordered to load its ATMs and provide payment to customers.
Two days prior to the arrest, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) announced the detainment of two bank officials in Osun State for failing to refill their bank’s ATMs with cash. The EFCC, in its statement, declared its commitment to its operation until the banking system returns to normal. The commission encouraged those who have difficulties accessing their funds at banks and suspect foul play to reach out to them for immediate intervention.
Background
The recent deadline set by the Central Bank of Nigeria (CBN) for the phase-out of old N200, N500, and N1,000 notes has caused widespread frustration among the Nigerian public. The transition to the new notes has led to long lines at ATMs and exorbitant fees for withdrawals through Point of Sale centers. In response to the difficulties faced by many citizens, the CBN Governor, Godwin Emefile, extended the original deadline of January 31st by ten days until February 10th.
Source: Premium Times