The monitoring team of the Central Bank of Nigeria has accused the branch of a bank in Ado Ekiti, the capital of Ekiti State of accumulating new naira notes it had collected for almost two weeks, claiming that their automated teller machines (ATM) were not yet configured.

This was seen in a video making waves on social media.

On Sunday, a deputy director of the CBN, who identified himself at Owoeye said there was no excuse for keeping the cash.

Owoeye's words, "I’m currently at Sterling Bank as part of this monitoring compliance with the guidelines by the CBN. They have six million which they have collected from the bank for almost two weeks. They have not dispensed any. They said they are yet to configure their ATM. I don’t know why. I have brought their attention to the penalty clause of one million per day. They have five ATMs. They don’t have any reason for keeping this money.”

The scarcity of the new note have done so much harm to Nigerians. The scarcity of the new note has made a lot of Nigerians frustrated.

Businesses are affected as well, customers are also battling with poor network when they attempt to make transfer which have left both business owners and consumers hopeless.

The deadline for the validity of the old naira notes remains February 10, 2023, according to the CBN.