CBN Fires Officials Involved In N8b Currency Fraud

The Central Bank of Nigeria (CBN) on
Monday, disclosed that it has dismissed
some of its six officials that were involved
in the N8bn currency fraud in some of its
branches.
The Apex Bank in a statement in Abuja
by the Director, Corporate
Communications Department, Ibrahim
Mu’azu, stated that some of the middle-
level officers among the accused had
been summarily dismissed or placed on
indefinite suspension, depending on
gravity of their offence.
The statement read: “The Central Bank of
Nigeria will like to inform the general
public of the chronology of events that
led the Management of the CBN to hand
over some unscrupulous staff to the
Economic and Financial Crimes
Commission for prosecution.
“During a routine internal audit of the
Bank’s Cash Destruction activities in
September 2014, the CBN Briquetting
Panel, comprising senior bank staff from
different branches, noticed some
anomalies at the Ibadan Branch, and
immediately reported this to the bank’s
management.
“On further investigation ordered by the
Governor, it was discovered that a
systematic scheme, which has been on
for several years, was being run in
which mutilated higher denomination
notes, originally meant for destruction,
were swapped with lower denomination
currencies.