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Give currency hawkers mint naira notes, pay N150m fine – CBN warns banks

Give currency hawkers mint naira notes, pay N150m fine – CBN warns banks

Agate Radio by Agate Radio
December 14, 2024
in Business
0
Give currency hawkers mint naira notes, pay N150m fine – CBN warns banks

The Central Bank of Nigeria (CBN) has imposed a penalty of N150 million per branch on Deposit Money Banks (DMBs) involved in the illegal distribution of newly minted Naira notes to currency hawkers and dishonest agents.

This was revealed in a circular dated December 13, 2024, signed by Mohammed J. Olayemi, Acting Director of the Currency Operations Department.

The CBN stated that the fine will be levied on the first violation by any branch found to have facilitated, aided, or abetted the illegal flow of fresh Naira notes to hawkers.

Subsequent violations will result in even harsher penalties under the Banks and Other Financial Institutions Act (BOFIA) 2020.

In the circular, the CBN expressed concern over the growing trend of cash hawking, where newly minted Naira notes are openly sold in markets and public spaces. The CBN noted that such practices undermine the efficient distribution of currency and diminish public trust in the financial system.

To ensure compliance, the CBN announced plans for periodic spot checks in banking halls and ATMs, focusing on cash disbursement practices. Additionally, mystery shopping exercises will be carried out to identify hotspots for cash hawking and expose banks involved in the illicit activity.

The circular also referenced an earlier directive issued on November 13, 2024, reaffirming the CBN’s commitment to eradicating the commodification of Naira notes.

In addition to imposing fines, the CBN urged financial institutions to strengthen their internal controls, processes, and procedures related to cash management. It stressed the need for banks to tighten operations at Cash Management Centres, branches, and teller points to prevent the exploitation of cash distribution systems.

“This directive underscores the CBN’s commitment to addressing illegal activities that hinder the efficient distribution of cash and ensuring the integrity of the Nigerian financial system,” the circular stated.

The CBN called on banks to take proactive measures to monitor and secure their cash distribution processes, warning that non-compliance would result in severe consequences. This initiative is part of the CBN’s broader strategy to protect the Naira and promote efficient cash management nationwide.

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