Sterling Bank has explained an incident at their Ado-Ekiti branch where a regulatory official on a monitoring visit saw N 6,000,000 in N 200 denominations in their vault that were not being dispensed.
The Bank besides explaining the circumstances surrounding the incident, also noted that “all denominations can now be withdrawn from our ATMs and over the counter in line with regulatory pronouncement on February 2, 2023.”
Full text of the statement reads:
We would like to formally state the facts surrounding our branch in Ado Ekiti.
The Naira notes referenced were received prior to the re-configuration of the branch’s Automated Teller Machines (ATMs) to dispense the 200 Naira denomination.
On January 23, 2023, a regulatory official visited our branch in Ado-Ekiti and the vault contained N 6,000,000 in N 200 denominations.
During the visit, the official observed that we had ran out of N1,000 and N500 notes on that day and were unable to load the N200 as the ATMs had not yet been configured to dispense N200 notes.
At the time of the visit, the subsisting instruction was that the newly designed notes were not to be dispensed over the counter.
All our ATMs have been dispensing the available quantities of the N1000 and N500 denominations of the newly designed currency as received since the commencement of the policy. We have also successfully reconfigured our ATMs nationwide to dispense N200 notes.
All denominations can now be withdrawn from our ATMs and over the counter in line with regulatory pronouncement on February 2, 2023.
We hereby confidently assure the public that the branch was not hoarding any funds and that Sterling remains at the forefront of ensuring that this exercise is a resounding success.
Together, we will all overcome this inconvenience and come out stronger.