Anti-corruption agencies are investigating depositors of millions of old N500 and N1,000 notes at the Central Bank of Nigeria's Ilorin branch, according to Naijacrawl.

Operatives from the Independent Corrupt Practices Commission, ICPC, and the Economic and Financial Crimes Commission, among others, are on the ground to monitor deposits and inform depositors of the repercussions of depositing millions of naira with suspect sources.

The anti-graft agencies inform depositors about their actions when they are suspected of acting as fronts for politicians to deposit money on their behalf.

"Depositors of millions of naira will have to approach their various commercial banks after one month, when the investigation into their sources of money will have been concluded," security sources at the CBN branch told Naijacrawl.

“The action followed suspicion that some politicians are using people as fronts to lodge money in millions on their behalf as a result of the ongoing new naira swap.”

Officials of the CBN worked on Saturday and Sunday to meet the requests of depositors according to findings by Naijacrawl correspondent in Ilorin.

Naijacrawl further learnt that sharp practices have been alleged by external officials involved in the exercise as depositors of millions of naira allegedly bribe their way with at least N10,000 to ensure easy processing for their lodgments.

Depositors have to go through three or four stages before counting and final judgment, an official of the bank who requested anonymity confided in Naijacrawl correspondent.

He said: “Some depositors stand to forfeit their lodgments if, eventually, they could not give a proper account of their sources of income after investigation by the anti-graft agencies.”

As observed by Naijacrawl on Sunday, some of the depositors that thronged the CBN arrived with sacks of naira notes to deposit as directed by the apex bank.