- Accuses bank CEOs of hoarding new notes for political reasons
House of Representatives member-elect for Ideato North/South federal constituency, Ikenga Ugochinyere, has commended the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, for complying with Supreme Court ruling and consequently directing commercial banks and other financial institutions in the country to continue to accept and pay out the old N200, N500, and N1,000 banknotes till December 31, 2023.
CBN had on Monday directed all financial institutions to continue to accept and pay out the old N200, N500, and N1,000 notes till December 31, 2023, in line with the apex Court ruling.
Ugochinyere, who’s also the spokesman of Coalition of United Political Parties (CUPP), in a statement on Tuesday while commending the CBN, accused some bank Chief Executive Officers and managers of hoarding the new Naira notes for political reasons.
He described as saddening the long queues at the banks as people helplessly wait to withdraw money, while managers of banks were helping money-bag politicians to get the new notes.
While saying that it’s time for all sides to move on, the federal lawmaker-elect called for probe of circumstances of hoarding the new Naira notes.
He said, “It’s commendable that the CBN in compliance with the rule of law directed deposit money banks operating in Nigeria to comply with the Supreme Court ruling of March 3, 2023, by accepting and pay out the old N200, N500, and N1,000 notes till December 31, 2023.
“Nigerian citizens are yearning for the best and should not be made to suffer more hardships, hence managers of banks who are found to hoard the new naira notes to create artificial scarcity, but are behind the public arena helping money-bag politicians to get the new notes, set the public up against the CBN’s new policy; such banks and bankers should be investigated, and if found culpable be made to face the wrath of the law,” Ugochinyere stated.
