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CBN Warns Banks Against Cash Hoarding, Hawking

The CBN outlined measures to ensure efficient and transparent cash distribution, particularly as the festive season nears

Promise Eze by Promise Eze
November 15, 2024
in National
Reading Time: 1 min read
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cash scarcity in Kano
  • The apex bank emphasised that cash hoarding violates its Clean Note Policy and hinted at sanctions, including fines and regulatory actions

The Central Bank of Nigeria (CBN) has cautioned Deposit Money Banks (DMBs) against cash hoarding and diversion, warning of stiff penalties for violations.

In a circular dated November 13, 2024, and signed by Acting Director of Currency Operations, Muhammad J. Olayemi, the CBN outlined measures to ensure efficient and transparent cash distribution, particularly as the festive season nears.

Banks caught diverting new naira notes to unauthorised hawkers will face fines of 10% of the cash value withdrawn from the CBN on the offence date, with repeat offenders incurring an additional 5% penalty per breach.

The apex bank emphasised that cash hoarding violates its Clean Note Policy and hinted at sanctions, including fines and regulatory actions. Mystery shopping exercises and spot checks will continue, with law enforcement agencies assisting in monitoring compliance.

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The directive comes amid public complaints of limited cash availability at ATMs.

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