Sterling Bank Reacts To Hoarding Of New Notes At Ado-Ekiti Branch

Sterling bank has reacted to the alleged hoarding of new notes at its Ado-Ekiti branch.

Glamtush reports that Sterling bank has formally stated the facts surrounding the distribution of the new notes at their branch in Ado Ekiti.

This was disclosed in a statement signed and released by Ademola Adesina, Public Relations and News Management.

According to the statement, titled, “New Notes Distribution At Ado-Ekiti Branch,” 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.

Read the statement below.

New Notes Distribution At Ado-Ekiti Branch

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 N6,000,000 in N200 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All denominations can now be withdrawn from our ATMs and over the counter in line with regulatory pronouncement on February 2, 2023.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.