Warning against corrupt practices in the state, CBN Director of Development Finance, Philip Yila, who was represented by Deputy Director, Aliyu Ashiru, cautioned against actions that could sabotage the policy.
He disclosed at a meeting which had in attendance, all heads of commercial banks, saying, discussions centred on the distribution and utilisation strategy.
According to him, the meeting provided an opportunity for both the Economic and Financial Crimes Commission and CBN officials to caution commercial banks against unwholesome practices.
Yila said, “The meeting was held to smoothen rough edges in the currency redesign policy. Overtime, we have had meetings with them where we drew up strategies on how to drive the project.”
The CBN director noted that changes had been made to the implementation of the redesigned naira policy.
“There is now an OTC (Over the Counter) of N20,000 and the meeting was to explain to them the processes on how it works.
“There is a ratio we expect them to follow for all the cash; a ratio of 40-30-30. 40 per cent payment for agents, 30 per cent payment over the counter, and 30 per cent into their ATM machines,” Yila explained.
On the CBN partnership with other security agencies, especially the EFCC, he said, “The EFCC and other security organisations have been partnering with us, so that, we can effectively drive the currency redesign project.”
While appraising the successes of the monitoring of the project, Yila disclosed, “We had three broad objectives: to sensitise the public on the existence of such project.
“Secondly, to hammer on the deadline that was hitherto January 31, we have engaged traditional and religious rulers, market people to actually sensitise them to take their old notes to the banks. We are happy and I’m sure if you go to the villages, you will see alot of new notes with them,” he stated.
