The Central Bank of Nigeria (CBN) has announced that it may need to inspect the strong rooms of commercial banks in order to verify possible hoarding and other illicit practices that are obstructing people’s access to new currency notes.

A Branch Controller of the CBN in Port Harcourt, Rivers state, made the statement while discussing the bank’s ongoing direct cash swap program for residents in the area, especially those without bank accounts. The Controller assured that the program will continue until the deadline for the naira exchange, but acknowledged that the process is not running smoothly.

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He expressed concern that banks are making the process too complicated, and that the CBN may need to enter the banks and check their records to determine if hoarding is taking place.

The Controller also mentioned that the direct cash swap will be conducted in various locations throughout Rivers state, including all local government areas, to ensure that everyone has the opportunity to exchange their old naira. He warned that anyone who does not exchange their currency by the deadline will lose their money.