{"id":71684,"date":"2023-02-06T15:58:26","date_gmt":"2023-02-06T14:58:26","guid":{"rendered":"https:\/\/wikkitimes.com\/?p=71684"},"modified":"2023-02-06T19:13:28","modified_gmt":"2023-02-06T18:13:28","slug":"how-bauchi-commercial-banks-hoard-new-naira-notes-as-customers-queue-endlessly-to-access-cash","status":"publish","type":"post","link":"https:\/\/wikkitimes.com\/how-bauchi-commercial-banks-hoard-new-naira-notes-as-customers-queue-endlessly-to-access-cash\/","title":{"rendered":"How Bauchi Commercial Banks Hoard New Naira Notes As Customers Queue Endlessly to Access Cash"},"content":{"rendered":"\n<p><strong>Commercial banks in <a href=\"https:\/\/en.wikipedia.org\/wiki\/Bauchi_State\">Bauchi State<\/a> are stockpiling new naira notes in their vaults as customers look for supplies, WikkiTimes can reports.<\/strong><\/p>\n\n\n\n<p>The banks are seen defying the guidelines of the Central Bank of Nigeria, mandating them to work 24\/7 and make new notes available to customers.<\/p>\n\n\n\n<p>WikkiTimes reports that the CBN guidelines instructed all commercial banks to work 24\/7 in order to mop up old naira notes and make the redesigned currency available to Nigerians.<\/p>\n\n\n\n<p>A CBN task force led by Dr. Jibrin Abdulkadir in a special operation to monitor the banks found most of the culpable.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><a href=\"https:\/\/wikkitimes.com\/investigation-first-city-monument-bank-extorts-money-from-bauchi-workers-undergoing-bvn-verification\/\"><strong>INVESTIGATION: First City Monument Bank extorts money from Bauchi Workers undergoing BVN verification<\/strong><\/a><\/p><\/blockquote>\n\n\n\n<p>The task force also noted with dismay that the banks have refused to issue new naira notes collected from the apex bank, noting that it was a clear case of sabotage.<\/p>\n\n\n\n<p>At First Bank PLC, for instance, the task force found bank employees keeping money in the vault while their customers were struggling to withdraw money for hours.<\/p>\n\n\n\n<p>WikkiTimes witnessed CBN officials forcing First Bank employees to deposit naira notes at ATMs before customers began withdrawing.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><a href=\"https:\/\/wikkitimes.com\/after-emptying-gombe-mans-fcmb-account-fraudster-takes-additional-loan\/\"><strong>After Emptying Gombe Man\u2019s FCMB Account, Fraudster Takes Additional Loan<\/strong><\/a><\/p><\/blockquote>\n\n\n\n<p>The First bank employees claimed the money they received from CBN was distributed to other branches in the state, but findings suggest they lied.<\/p>\n\n\n\n<p>When the task force visited one of their branches in the Central Market in the Bauchi metropolis, many people were seen standing in line, mostly in vain because the bank&#8217;s ATMs would not dispense cash.<br>\u201cTo our greatest dismay, there is no single official of the first bank on the ground despite the very clear instructions that all banks must work 24\/7 in a week. Many people are queuing up and most of the ATMs are not dispensing cash. Before now, we were at FCMB, again a lot of citizens were in the queue and the machines are not dispensing\u201d, Jibrin Abdulkadir the CBN team lead noted with regret.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><a href=\"http:\/\/N26,800 Vanished from Businessman FCMB\u2019s Account. The Bank Says Nothing Could Be Done\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>http:\/\/N26,800 Vanished from Businessman FCMB\u2019s Account. The Bank Says Nothing Could Be Done<\/strong><\/a><\/p><\/blockquote>\n\n\n\n<p>The story remains the same in most of the banks in Bauchi metropolis. At Sterling Bank, for example, the task force discovered how the bank defied the CBN directive to make funds available to its customers despite accessing the new notes from the apex bank.<\/p>\n\n\n\n<p>When contacted, officials of the banks refused to grant interviews during the operation by the CBN. They ignored snubbed newsmen during the operations.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><a href=\"https:\/\/wikkitimes.com\/hacker-aided-by-insider-steals-n100000-from-customers-gtbank-account-threatens-he-could-withdraw-wire-more\/\"><strong>Hacker \u2018Aided by Insider\u2019 Steals N100,000 from Customer\u2019s GTBank Account, Threatens He Could Withdraw Wire More<\/strong><\/a><\/p><\/blockquote>\n\n\n\n<p>The hardship orchestrated by most of the commercial banks as WikkiTimes understand is not peculiar to Bauchi State. In Ibadan for instance, frustrated citizens have been <a href=\"https:\/\/www.icirnigeria.org\/nigerians-go-nude-fight-in-banks-in-protest-against-new-notes-scarcity\/\">besieging banks<\/a> daily to get the new notes.<br>Many were enraged by what they met at both the halls and automated teller machines, a development that sparked protests in some places<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Commercial banks in Bauchi State are stockpiling new naira notes in their vaults as customers look for supplies, WikkiTimes can reports. The banks are seen defying the guidelines of the Central Bank of Nigeria, mandating them to work 24\/7 and make new notes available to customers. WikkiTimes reports that the CBN guidelines instructed all commercial [&hellip;]<\/p>\n","protected":false},"author":82,"featured_media":71669,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,1,19103],"tags":[16223,485,11415,18923,19593,59],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.5 (Yoast SEO v22.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Bauchi Commercial Banks Hoard New Naira Notes As Customers Queue Endlessly to Access Cash<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wikkitimes.com\/how-bauchi-commercial-banks-hoard-new-naira-notes-as-customers-queue-endlessly-to-access-cash\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Bauchi Commercial Banks Hoard New Naira Notes As Customers Queue Endlessly to Access Cash\" \/>\n<meta property=\"og:description\" content=\"Commercial banks in Bauchi State are stockpiling new naira notes in their vaults as customers look for supplies, WikkiTimes can reports. The banks are seen defying the guidelines of the Central Bank of Nigeria, mandating them to work 24\/7 and make new notes available to customers. WikkiTimes reports that the CBN guidelines instructed all commercial [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wikkitimes.com\/how-bauchi-commercial-banks-hoard-new-naira-notes-as-customers-queue-endlessly-to-access-cash\/\" \/>\n<meta property=\"og:site_name\" content=\"Wikkitimes\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/WikkiTimesNigeria\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-06T14:58:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-06T18:13:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wikkitimes.com\/wp-content\/uploads\/2023\/02\/First-Bank-Bauchi.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"540\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Editor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta 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