CBN urged to address  human corruption, misery caused by Naira redesign, cash swap

CBN urged to address  human corruption, misery caused by Naira redesign, cash swap

By Samuel Ogunsona

The Central Bank of Nigeria, (CBN) has been asked to address the human misery associated with the new currency redesign and the cash swap

Nigerian leading anti-corruption group, Human and Environmental Development Agenda (HEDA Resource Centre) said it is deeply concerned about the suffering of Nigerians whose livelihood and the search for essentials of life have been put in danger by the implementation process of the new CBN policy. The rights group said the CBN needs to curb the cases of corruption associated with Cash Swap Agents and banks who hoard cash meant for the people warning that public trust in the financial sector may wane if the issues are not addressed.

HEDA urged the CBN to review its new notes apportioned ratio policy and collaborate with law enforcement agencies in monitoring Agent Cash Swap operators and bank officials against irregularities.

Recall that following the Central Bank directives, Bankers committee on Wednesday issued a communique stating that the new Naira notes allocated to banks shall be apportioned in the ratio 40:30:30 for Agent Cash Swaps, Over-the-Counter and ATMs respectively.
HEDA’s Chairman, Mr Olarenwaju Suraju, in a statement issued at the weekend and made available to Irohinoodua said it is essential for the apex bank to review the policy to address different circumstances ensure sufficient release of cash into the system, and further ensure that the purpose of the exercise is not defeated by corrupt Agent Cash Swap operators and bank officials as some are recently arrested by the anti corruption agencies.
According to Suraju, verified information gathered by the civil group indicates that some of the Agent Cash Swap operators are responsible for the selling of new notes to party makers abusing the currency and those reselling to ordinary users, while bank officials are irresponsibly preserving cash for politicians and bank owners.
He further urged the CBN for the policy review to consider Lagos and other metropolitan states by making more money available in banks to reduce the pressure and drama experience in the banking halls and ATM stands.  
Suraju added, “The ratio should be reviewed to address different circumstances. Lagos and other metropolitan states should have more money through ATM and counter while rural areas can have more through the strictly monitored agents.