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CBN: Banks supplying illicit mint naira to hawkers will face N150m fine

...says persons hawking the currency will be penalised

The Abdul Yemi by The Abdul Yemi
December 14, 2024
in Business
Reading Time: 1 min read
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  • The CBN warned would attract stricter sanctions under the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020.
  • The CBN had earlier issued a stern warning to Deposit Money Banks over cash hoarding and diversion, stating that such actions will attract stiff penalties.

The Central Bank of Nigeria (CBN) has warned banks that facilitate the illicit flow of new naira notes will face a fine of N150 million per branch.

In a circular issued by Solaja Olayemi, acting director of currency operations, the CBN expressed concern over the illegal flow of new banknotes to currency hawkers and unscrupulous economic agents.

This practice hinders the efficient distribution of cash to bank customers and the general public, according to the CBN.

The CBN will intensify spot checks at banks and automated teller machines (ATMs) to review cash payouts and identify cash hawking spots.

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“In this regard, any erring deposit money banks or financial institutions… shall be penalised at first instance N150,000,000.00… per erring branch,” the circular stated.

The CBN urged banks to strengthen their controls and procedures around cash management to prevent illicit activities.

On November 15, the CBN directed banks to prioritize cash disbursement through ATMs.

The regulator commenced spot checks to ensure responsible cash disbursement and prevent the sale of new naira notes to currency hawkers.

Banks found engaging in cash hoarding or hindering efficient cash distribution will face penalties.

The CBN also warned that banks violating the Clean Note Policy will incur sanctions.

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