Naira swap: EFCC, CBN officials monitor banks in Kwara

Operatives of the Economic and Financial Crimes Commission, EFCC, Ilorin Zonal Command Office, and officials of the Central Bank of Nigeria, CBN, have continued to monitor banks and financial facilities in the ongoing currency swap in Kwara state.

A source in the anti-graft body told DAILY POST in Ilorin on Tuesday that the monitoring exercise will continue to ensure that banks comply with the Federal Government directive on the currency swap by Nigerians.

Although no bank or financial facilities have been found wanting or caught in the act of hoarding the new naira notes, chaotic situations are still observed at banks and ATM points in the state capital.

The highest amount dispensed across the counters remains N20,000 to customers.

Our correspondent further observed that most operators of POS in the state capital have closed down due to inability to get the new naira notes for their customers.

Few of the POS operators with limited cash, now charge N200 for cash withdrawal of N1,000, while cash transfer of between N10,000 and N15,000 attracts N500 charge in some places.

Some operators who spoke to DAILY POST complained that the currency swap policy has taken a toll on their business.

Describing the current situation as hash, they lamented and cautioned that it should not continue for long due to the socio-economic consequences on the people.

Barely two days to the expiration of the extended deadline on the currency swap, most customers of banks still go through pain to get the new naira notes even as the Federal high court has restrained the CBN and the Federal Government from stopping the exercise from February 10,2023, as planned.