CBN Sanction: Sterling Bank Reacts To Hoarding Cash At Ado-Ekiti Branch

ICPC Arrests Sterling Bank Official Over ‘N258m New Notes Stashed In Vault’
Sterling Bank P

Sterling Bank has reacted to the hoarding of new naira notes collected for almost two weeks at one of its branches in Ado Ekiti, the capital of Ekiti State.

BrandSpur Nigeria earlier reported that a video surfaced on social media showing the huge sum of cash being reserved in the bank amidst ongoing hardship over the scarcity of the new naira notes in recent days.

In a trending video on Sunday, a deputy director of the CBN, who identified himself at Owoeye said there was no excuse for keeping the cash, sanctioned the bank and staff incharge.

Reacting to the report, Sterling Bank’s Public Relations and News Management Ademola Adesina said, “the Naira notes referenced were received prior to the re-configuration of the branch’s Automated Teller Machines (ATMs) to dispense the 200 Naira denomination.

“On January 23, 2023, a regulatory official visited our branch in Ado-Ekiti and the vault contained N 6,000,000 in N 200 denominations.
“During the visit, the official observed that we had ran out of N1,000 and N500 notes on that day and were unable to load the N200 as the ATMs had not yet been configured to dispense N200 notes.
“At the time of the visit, the subsisting instruction was that the newly designed notes were not to be dispensed over the counter.
“All our ATMs have been dispensing the available quantities of the N1000 and N500 denominations of the newly designed currency as received since the commencement of the policy. We have also successfully reconfigured our ATMs nationwide to dispense N200 notes.
“All denominations can now be withdrawn from our ATMs and over the counter in line with regulatory pronouncement on February 2, 2023.
“We hereby confidently assure the public that the branch was not hoarding any funds and that Sterling remains at the forefront of ensuring that this exercise is a resounding success.
“Together, we will all overcome this inconvenience and come out stronger”.