Nigerian Central Bank Moves To Impose N150million Fine On Banks Involved In Trading New Naira Notes
The apex bank expressed its concerns about the increasing prevalence of mint naira notes being traded by hawkers.
The Central Bank of Nigeria has stated that it woiimpose a fine of N150million on any commercial bank involved in trading of new Naira notes to the citizens.
This warning was contained in a circular issued on Friday, December 13, 2024, signed by the Acting Director of the Currency Operations Department, Mohammed Olayemi.
The apex bank expressed its concerns about the increasing prevalence of mint naira notes being traded by hawkers.
The CBN said it sees this situation as impeding efficient and effective cash distribution to customers and the general public.
Under the directive, any branch of a financial institution found culpable will face a penalty of N150million for the first violation.
Subsequent infractions, the CBN warned, would attract stricter sanctions under the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020.
To ensure compliance, the apex bank stated that it would increase periodic spot checks in banking halls and ATMs while deploying undercover shoppers to expose illicit cash hawking spots across the country.
The circular read, “The CBN has noted with dismay the prevalence of illicit flow of mint banknotes to currency hawkers and other unscrupulous economic agents that commodify Naira banknotes, thus impeding efficient and effective cash distribution to banks’ customers and the general public.
“CBN will continue to intensify the periodic spot checks to the banking halls/ATMs to review cash payouts to banks’ customers, as well as mystery shopping to all identified cash hawking spots across the country.
“In this regard, any erring deposit money banks or financial institutions that are culpable of facilitating, aiding, or abetting, by direct actions or inactions, the illicit flow of mint banknotes to currency hawkers and unscrupulous economic agents that commodify Naira banknotes shall be penalised at first instance N150,000,000.00 (One hundred and fifty million Naira) only, per erring branch, and at later instances, apply the full weight of relevant provisions of BOFIA 2020.”
The CBN further urged DMBs to strengthen controls, processes, and procedures around their Cash Management Centres, branches, and teller operations to prevent their systems from being exploited for illegal transactions.
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