The CBN Governor, Godwin Emefiele, also reiterated that the bank will increase its foreign exchange interventions by making sure that there is no shortage of forex for business transactions in the country.
The funds were reportedly disbursed in two cash withdrawals between November 2014 and February, 2015 and were ferried in bullion vans to unknown destinations.
The initial policy states that the cashless policy is operational only in 6 states of the federation, including Lagos, Ogun, Kano, Abia, Anambra, Rivers and the Federal Capital Territory, FCT, Abuja.
In 2016, only two states, Borno and Rivers states received their shares of the intervention funds while only 18 out of the 36 states of the federation and the FCT accessed the UBEC matching grant in 2015.
Director General of the NIA, Ayodele Oke, had said that the money, valued at N13 billion going by the current official exchange rate, had been released in cash by the CBN in order to maintain the discreet nature of the assignment for which it was approved.
