The Ogun state PCC today Monday 6th February 2023 visited the CBN in Ogun state. The visit was by the mandate of the Commission as the watchdog of social justice.
The team was led by the Honourable Federal Commissioner, Public Complaints Commission Ogun State, Prince Adegbuyi Adesanya. The Federal Commissioner with his top management team said the visit is germane, as the situation in the country is fast becoming worrisome with the non-availability and the inability of citizens to access the new naira notes.
The Branch Controller, CBN Abeokuta, Oseni W. L in his response stated that the problem being faced at the moment is that of hoarding, therefore, money leaving the banks and not returning to the same banks.
Another issue like it is that some Commercial banks were discovered to be hoarding the new notes and not releasing them to the public, and the CBN has to sanction and instruct them to release such money without delay. According to Oseni, the banks are saddled with the responsibility of distribution and making sure that the new notes get to every person, even to the local areas.
The mandate given was that the banks receive the funds, 40% of that money must be given to POS Agents and Operators, 30% was to be used for over-the-counter operations, while, 30% is meant for the ATM. Where this is not done the CBN task force goes out the make sure they comply.
He further said that microfinance banks will be added to ease the cash shortage, but, that will be done properly by this week.
He admitted that supply has not been low and also not in excess, but, nobody knows where the money is.
The Honourable Federal Commissioner stated that there has to be a synergy between the PCC and the CBN as partners in other for the situation to ease and not escalate into chaos.
In the end, it was agreed that the PCC can be a Whistle Blower Agency for the CBN. This he said will help to curb sharp Practices by banks and POS agents
The Branch Controller and his team appreciated the Honourable Federal Commissioner and his team for the concern and effort shown to better the present situation.