.CBN gov can't control bank managers whose loyalty is their employers, says MINT source

By JOHN NWOKOCHA, Abuja

A presidential candidate for the February 25 presidential election has been slammed for allegedly mopping up the scarce new naira notes and sharing to his supporters with a plan to induce voters during elections. Calling on voters to resist vote buying and selling a top official of the Nigerian Security Printing And Minting (NSPM), also called MINT, told News Express exclusively that that a certain presidential candidate shared N300,000.00 to each of his supporters at a rally in Kogi state, maintaining that the cash was the new naira notes. Disclosing this on Sunday, the source

The source who pleaded anonymity queried; “where did he get the new cash from?”. He also asked; “Why is he sharing large amount of cash to his supporters at a rally when poor Nigerians cannot collect their money from the banks. The source further revealed that the presidential candidate is conniving with some unscrupulous bank managers to undermine the effort of the Governor of Central Bank, Godwin Emefiele at successful implementation of the cashless policy. He made the disclosure during a telephone conversation.

According to the source, some mangers of commercial banks are on a mission to frustrate the implementation of the redesigned naira notes. The said they are in connivance with some politicians to make the new notes scarce thereby inflicting pains on Nigerians.

The source, who has over 41 years’ experience in currency (banknotes) production, went on to accuse the bank managers of double standards, saying they are not patriotic Nigerians to have watched poor bank customers to wait endlessly for the new notes. The source, a banknote production expert who has has served many heads of state, starting with President Ibrahim Babangida, accused owners of the commercial banks also. He further accused the bank owners of conniving with politicians to hoard the new naira notes. The MINT insider said they are toying with the lives of Nigerians. He added that the MINT factories in Abuja and Lagos have been functioning optimally without setbacks. "We have more than enough new naira notes in the banks for Nigerians. But I can tell you authoritatively that the managers of those banks frustrating the good intentions of the CBN", the source stated. "This is the best monetary policy we have had in recent time ", he continued.

The source added that the media and security agencies should cooperate with the federal government in the efforts to implement the policy. He said the time was right for Nigeria move to the next level of progress and development should the policy be fully implemented. He urged Nigerians to view the situation with endurance saying that the hardships occasioned by the new naira notes change would not last. He also charged Nigerians to hold certain politicians accountable for the hardship faced across the country stressing they were planning vote trading with the new naira notes that they had made scarce, with the aim of rubbishing the general elections.

On the noticeable errors on the features of the redesigned naira notes, he said it is technical errors that are bound to occur, adding it is being addressed. “Necessary correction are being made”, he stated.

He said it was not because the production was done in a hurry, contrary to speculations.Rather, he said there was strict compliance to best practices emphasising that the MINT has capacity to produce quality or standard notes.

Asked to respond on the hardships being passed through since the implementation of the policy, the source said no change happened without some discomfort. Said he, “for any good thing to come your way, you will encounter some hurt, all you need to do is make some adjustments because you will overcome in the end.” He enjoins Nigerians, particularly the masses to exercise some patience and self –restraint against politicians who may use the situation to incite them. He also urged Nigerians at large to continue to resist the pressure by politicians to play on their emotions

Meanwhile, a top banker has said the MINT expert’s statement leaves a lot to be desired. The Kano based banker who works with a new generation commercial bank spoke Monday morning saying the banks have not received any allocation of the new notes from the CBN since two weeks. The banker said no professional banker would sabotage the apex bank. The banker added that the situation is biting the poor masses, maintaining that the rich and politicians are less affected by the trend. He also observed that the banks do not have enough cash to dispense to customers and urged the CBN to release more notes.