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23 Oct 2018

How Syndicates In CBN Are Circulating Dirty Naira Notes in Nigeria - Bishop Isong Reveals

The General Overseer (GO) of Christian Central Chapel International (CCCI), Bishop Emmah Gospel Isong, has alleged that syndicates in Central Bank of Nigeria (CBN) are responsible for the circulation of dirty naira notes in Nigeria.

Speaking with newsmen in Calabar, the clergy, who is a banker by profession alleged, “There are syndicates in the CBN, the dirty naira notes you are holding are not recognized by the CBN. I am a banker by profession and I know what I am saying.

“Let me tell you what happens, when they send the monies for destruction (burning), these syndicates at the central bank pass it when they have collected the clean notes in the equivalent amounts, re-circulate them through fixing them in-between other notes.

“The mixed ones are put back or return to the system. What you are seeing is the handiwork of syndicates. For example, if 60 billion naira was to be burnt, they do not burn it, so, they passed to the market.

“To answer your question, the central bank should always burn it openly on the national television but I hope they do not put paper under and burn it to deceive the public, it’s possible,” he said.

“I am telling you, corruption is sweet, when one group is cracked, another group emerged. The notes we supposed to use should be very clean; Central Bank do not give dirty naira notes.

“If you see these notes, it does not come in bundles, they put it in-between every bundles and distribute it to every unknown customers, you cannot see all in one bundle.

“What you see is that, in every bundle of naira note, you have the dirty naira notes well stocked in between the other notes, these syndicates work as cashiers, and they planned it carefully.

“The dirty naira notes you see are ghosts and have been destroyed but its came back to the system through these syndicates who ploughed it back into the system.

He said the syndicates take the 60 billion naira meant to be burnt, collected the clean naira notes in it equivalents and re-arranged dirty or condemned ones and introduced them in another bundle and send them back to the system. “They claimed it was burnt but not true, nobody supervises it” he stated.

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