The Socio-Economic Rights and Accountability Project, SERAP, has called on the Central Bank of Nigeria, CBN, to account for the N100 billion dirty and bad notes kept in its various branches across the country.
SERAP which has threatened to drag the CBN to court over the issue, made its position known in a statement issued by its Deputy Director, Kolawole Oluwadare at the weekend.
Other allegations made against the apex bank include its failure to account for the over N7 billion meant for the construction of the CBN Dutse branch in 2010, the close to N5 billion budgeted for the renovation of the CBN Abeokuta branch back in 2009, amongst others.
The dirty notes were meant to be destroyed, according to the rights body, but their whereabout have not be known, calling on the apex bank to shed lights on the issue.
According to SERAP, the Office of the Auditor-General of the Federation, had made the allegations against the CBN in a report.
Describing the allegations as ‘grim’, the anti-corruption body stated that they are breach of public trust and accountability.
The allegations, if true also violates the Nigerian Constitution, SERAP said.
SERAP said, “We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel you and the CBN to comply with our request in the public interest.”
“According to the recently published 2020 audited report by the Auditor General of the Federation (AGF), the Central Bank of Nigeria (CBN) has since 2017 been keeping over N100 billion [N100,672,999,000.00] ‘dirty and bad notes’, and other large sum of cash awaiting examination in various branches of the CBN.”
Financials sector analysts insist that dirty notes are still very much in circulation despite billions of naira spent by the CBN to print new currencies.
For instance, the CBN had claimed in report that it spent close to N100 billion to issue new notes in 2022.
