The recent spot checks conducted by the Central Bank of Nigeria (CBN) on Deposit Money Banks (DMBs) have shown that much of the cash supplied to the banks goes to VIP customers, leaving the majority of customers with too little to meet their demand.

The apex bank is said to have been alarmed by the discovery that the DMBs are prioritising the interest of their VIP customers in cash disbursements over ordinary customers.

Reports have it, that the CBN is now poised to sanction, in the coming days, any bank found guilty of this malpractice.

That is aside the one hundred and fifty million naira penalty it plans to impose on any bank branch found engaging in illegal flow of freshly minted naira notes to currency hawkers and unscrupulous agents.