New Telegraph

CBN uncovers N4m fraud by commercial bank in Ogun

The Central Bank of Nigeria (CBN) has uncovered N4 million of the newly introduced naira notes mismanaged by a commercial bank in Ogun State. The apex bank vowed to sanction the bank and any other found culpable of sabotaging the distribution of the new naira notes. The Deputy Director, Banking Supervision Department of CBN Lagos, Kayode Makinde, disclosed this to journalists yesterday in Abeokuta, the Ogun State capital.

The apex bank also accused commercial banks of sabotaging the efforts of the CBN in making the new naira notes available to Nigerians. Makinde disclosed this while leading the CBN team on a monitoring exercise in the state. Makinde said the CBN has dispatched its team on the monitoring exercise to enforce compliance to the directives of the CBN as regards issuance of new notes. He said the CBN should not be blamed for scarcity of new naira notes but the commercial banks.

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