The Central Bank of Nigeria (CBN) has accused some commercial banks in Port Harcourt, Rivers State, of refusing to accept N4.5 billion in redesigned notes.
Maxwell Okafor, the controller of the CBN branch in Rivers State, said this on Friday while leading an enforcement team on the freshly redesigned notes to various commercial banks and marketplaces in Port Harcourt.
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Okafor disclosed that the CBN had distributed around N4.5 billion in fresh naira notes to commercial banks in the state between Thursday and Friday, raising concerns about why many clients were not receiving them.
He also raised concern that some banks in the state were undermining the CBN’s efforts to compel the distribution of the new naira notes by stockpiling them in their bank vaults.
“We have been monitoring the distributing of the new naira note, and the impression we had is not promising. “We went to a few banks, and one of them was not distributing the new naira notes,” he explained.
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