CUPP spokesperson: Bank managers found hoarding new naira notes must be punished

Ikenga Ugochinyere, spokesperson of the Coalition of United Political Parties (CUPP), says banks and their managers who are found to be hoarding new naira notes should be punished.

About two weeks ago, the supreme court invalidated the naira redesign policy introduced by the Central Bank of Nigeria (CBN).

The policy sought to phase out the old N200, N500, and N1,000 notes and introduce new ones – but the apex court found the policy to be “defective” and held that the old notes remain legal tender till the end of the year 2023.

Subsequently, the apex bank aligned with the position of the court.

In a statement on Tuesday, Ugochinyere, a member-elect in the house of representatives, commended the CBN for finally obeying the order of the court.

“It’s commendable that the CBN in compliance with the rule of law directed deposit money banks operating in Nigeria to comply with the Supreme Court ruling of March 3, 2023, by accepting and paying out the old N200, N500, and N1,000 notes till December 31, 2023,” he said.

“Nigerian citizens are yearning for the best and should not be made to suffer more hardships.

“Managers of banks who are found to hoard the new naira notes to create artificial scarcity, but are behind the public arena helping money-bag politicians to get the new notes, set the public up against the CBN’s new policy; such banks and bankers should be investigated, and if found culpable be made to face the wrath of the law.”