E-Financial
ICPC Arrests Bank Managers over ‘Stashed’ N258m New Naira Notes
Independent Corrupt Practices and Other Related Offences Commission (ICPC) said its operatives have arrested Regional and Service managers of Sterling Bank over the sum N258m new naira notes discovered stashed in the vault at the head office of the bank in Abuja.
The anti-graft agency said the two bank managers were arrested last Friday as part of its ongoing efforts at ensuring that commercial banks comply with the Central Bank of Nigeria’s (CBN) directive on the distribution of the redesigned Naira notes.
In a statement by Mrs. Azuka Ogugua, its spokesperson, ICPC said its monitoring team visited the bank and discovered the stashed N258 million new Naira notes in the bank’s vault.
However, it said the operatives were informed that the N258m was the remnant of what the CBN had given the bank for onward distribution to its branches.
But ICPC said contrary to the claim, it was discovered that the bank distributed only N5m each to their various branches for the day.
In a similar vein, the Commission also said its operatives arrested Head of Operations, Keystone Bank, Mararaba in Nasarawa State for frustrating its customers from getting the new Naira notes.
According to the statement, the ICPC team, while on its routine operation, found out that the Automated Teller Machines (ATMs) at the branch were not dispensing to its customers, while other bank customers were accessing only one thousand naira.
It was only after the arrest was made and clarification received from CBN that the position of the officers of the Bank was not correct, that the ATMs started dispensing Five Thousand Naira to non-customers and Ten Thousand Naira to its customers.
ICPC added that its operatives also arrested one Abdulkareem Shaibu, a Security Guard with Zenith Bank, 3rd Avenue Gwarimpa, as well as Ali Adam and Shafiu Umar.
While Shaibu, the Security Guard was arrested for being in possession of five ATM cards which he was using to collect money for different unknown persons who were not within the Bank premises at that time, Adam and Umar were arrested in front of Zenith Bank, 1st Avenue Gwarimpa, for selling the new Naira notes.
The naira appreciated to N1,600 per dollar in the parallel market at the close of trading hours on Monday, strengthening from N1,610 per dollar recorded over the weekend.
Similarly, the naira saw a slight gain in the Nigerian Foreign Exchange Market (NFEM), trading at N1,605 per dollar compared to N1,606 last Friday, according to data from the Central Bank of Nigeria (CBN). This represents a marginal N1 appreciation.
As a result, the gap between the parallel market and official exchange rate widened slightly to N5 per dollar, up from N4 over the weekend.
Central Bank of Nigeria (CBN) spent N315.18bn on currency issue expenses in 2024, marking a sharp increase of 306 per cent compared to N77.67bn recorded in 2023, the apex bank’s audited financial statement for the year has shown.
Currency issue expenses cover the printing, processing, distribution, and disposal of banknotes.
The latest figures reveal that the CBN’s cost of managing physical cash spiralled dramatically during the year under review, as Nigeria grappled with lingering cash shortages and disruptions in the money supply chain.
The surge in expenditure came as the country continued to deal with the effects of the naira redesign policy introduced in late 2022.
Despite efforts to stabilise cash circulation throughout 2023, Nigerians still faced queues at ATMs and difficulties in accessing cash in early and late 2024.
Faced with mounting public outcry, the CBN deployed several emergency measures to address the crisis.
Deposit Money Banks were directed to ensure consistent ATM loading and rural cash distribution, while the Bank also launched public hotlines for citizens to report cash scarcity incidents.
Also, the CBN ramped up enforcement efforts, including deploying monitoring teams, issuing sanctions against non-compliant banks, and mandating improved cash distribution.
PalmPay, a full-service digital bank, has reaffirmed its dedication to advancing the future of payments in Nigeria by promoting the widespread adoption of contactless-enabled payment terminals.
This was made known during the recently concluded BusinessDay Future of Payment Conference, themed “Fintech Evolution: Gateway to Payments.” In his welcome address, BusinessDay Publisher, Frank Aigbogun, emphasized that the next phase of fintech innovation must be driven not only by speed, safety, and simplicity but also by trust, inclusion, and accessibility to ensure broad-based impact across all segments of society.
Talking about PalmPay’s impact in the panel session titled “The Next Wave of Digital Payments: Trends and Innovation,” Ifeanyi Uzoka, Senior Business Development Manager at PalmPay, discussed the evolving landscape of digital payments in Nigeria.
He noted that while regulatory frameworks have supported the introduction of contactless payments, the high level of cash dependency remains a key barrier to widespread adoption.
“At PalmPay, financial inclusion is central to everything we do,” Uzoka stated. “To support this mission, we’ve launched contactless-enabled debit and premium cards, ensuring our users have access to convenient and secure payment experiences. We also understand that trust is critical, which is why all contactless transactions on PalmPay’s platform include an additional layer of authentication for enhanced security.”
PalmPay continues to lead innovation in Nigeria’s digital finance ecosystem by delivering secure, user-friendly, and future-ready solutions. The company’s recently launched debit and premium cards in partnership with Verve are now serving its growing base of over 35 million users nationwide.
This move into contactless payments underscores PalmPay’s alignment with global payment trends and its ongoing commitment to building a more inclusive and digitally empowered economy.
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