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CBN to fine banks N150 million for selling mint naira notes to currency hawkers

Oluwatosin Adeyemi by Oluwatosin Adeyemi
December 15, 2024
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CBN to fine banks N150 million for selling mint naira notes to currency hawkers

CBN to fine banks N150 million for selling mint naira notes to currency hawkers

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The Central Bank of Nigeria (CBN) has threatened to impose a N150 million fine on any bank found culpable of selling mints currency notes to currency hawkers and “unscrupulous economic agents,” adding that the fine will be collected per branch.

CBN issued the threat in a circular signed by Mohammed Olayemi, the Acting Director of the Currency Operations Department, on Friday.

The CBN, according to the circular, was becoming worried at the alarming rate in which currency hawkers were selling mint banknotes and depriving citizens from accessing cash efficiently.

Read also: CBN cracks down on Moniepoint, OPay with ₦1 billion fine each over regulatory violations

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Referencing a previous instruction dated November 13, 2024, the CBN stressed its commitment to tackle the naira’s commodification. Any bank branch found violating the directive, will be fined N150 million for the first infraction under the order.

Harsher penalties for subsequent violations 

The central bank stressed that subsequent violations after the first offence and N150 million fine, will attract stiffer sanctions, in line with the Banks and Other Financial Institutions Act (BOFIA) 2020.

CBN said it would use mystery shoppers to fish out illegal cash selling locations nationwide and intensify recurring spot checks in banking rooms and ATMs to guarantee compliance.

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.”

Read also: CBN imposes penalties on banks for cash withdrawal violations

“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,” it adds.

“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,” it threatened.

Additionally, the CBN advised DMBs to improve the controls, procedures, and processes around their Cash Management Centres, branches, and teller operations in order to stop unlawful transactions from taking advantage of their systems.

Tags: BOFIACBNNaira Note
Oluwatosin Adeyemi

Oluwatosin Adeyemi

Oluwatosin Adeyemi is a seasoned writer with 5+ years of experience. He holds a degree in Animal Science from Olabisi Onabanjo University. A hardworking and creative individual with a passion for teamwork and self-improvement.

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