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CBN official bursts Sterling bank branch in Ado Ekiti for hoarding new Naira

A Deputy Director of the Central Bank of Nigeria (CBN), has exposed a branch of Sterling Bank in Ado Ekiti, Ekiti State for hoarding the new Naira notes.

The CBN official who identified himself as Owoeye paid a surprise visit to the bank on Bank Road, Ado Ekiti and found that their ATM machines were not dispensing cash.

He asked to see their vault, where he found bundles of new notes, totalling N6m, which the branch had collected for close to two weeks.

Upon questioning the officials at the branch, they told the CBN official that their six ATMs were yet to be reconfigured.

Mr. Owoeye who decided to film the encounter can be heard reminding the officials of the penalty of N1m per day against any bank found hoarding the new notes.

He told the officials he would be returning the following day and would like to see that the money was loaded on the machines for the benefit of the public.

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