An Operations Manager of a leading Commercial bank in Abuja Central Area was today, February 6, 2023, arrested by operatives of the Economic and Financial Commission, EFCC, for refusing to load the Automated Teller Machines, ATMs, of the bank despite having N29million of the redesigned Naira notes in the branch’s vaults.
To the satisfaction of the upset customers who had waited hours in line without receiving the new notes, the operatives ordered the filling of all the ATMs and the payment of the required amount across the counter before escorting him away for further questioning.
The EFCC made this revelation, which shows a sabotage of the government’s monetary policy by some banks, as part of its ongoing monitoring and visits to banks around the country to access their vaults and determine whether they were purposefully refusing to disburse the redesigned Naira notes. The operatives in Abuja covered more than five bank branches today. Across the country, similar exercises were taking place in Zonal Commands.
The operation will continue until normalcy is restored to the banking system.
Nigerians finding it difficult to access their funds at any bank and suspects foul play should contact the commission, for immediate intervention.
There have been various reactions about this incident on social media with some Nigerians asking the CBN to disclose the identity of the commercial bank.
Meanwhile, the Supreme Court of Nigeria on Wednesday restrained the Federal Government from implementing the February 10 Deadline of the old 200, 500 and 1000 Naira notes to stop being a legal tender.
Three Northern States, Kaduna, Kogi and Zamfara, had in a motion ex-parte filed on February 3rd, prayed the apex court to halt the Central Bank of Nigeria naira redesign policy.
A 7-man panel of the Supreme Court led by Justice John Okoro, in a unanimous ruling, granted an interim injunction restraining the FG, CBN, commercial banks etc from implementing the February 10, deadline for the old 200, 500 and 1000 Naira notes to stop being a legal tender.
The court further held that the FG, CBN, commercial banks must not continue with the deadline pending the determination of a notice on notice on in respect of the issue on February 15.
By this ruling, the old Naira notes continue to be legal tenders in Nigeria.
In a motion by five political parties, the court also granted an order directing the Chief Executive Officers (CEOs) of the banks, to show cause why they should not be arrested and prosecuted for the financial sabotage of the country, by illegally hoarding and not disbursing the new N200, N500, and N1000 bank notes, despite supply of such notes by the central bank.
