Politics
Banks Hit With N150m Fine By CBN For Distributing New Naira Notes To Black Market Dealers
Banks Hit With N150m Fine By CBN For Distributing New Naira Notes To Black Market DealersThe Central Bank of Nigeria (CBN) has announced a penalty of N150 million for each branch of Deposit Money Banks found complicit in facilitating the illegal distribution of mint naira notes to currency hawkers and other illicit agents.....KINDLY READ THE FULL STORY HERE▶
The announcement was made in a circular released on Friday, December 13, 2024, and signed by Mohammed Olayemi, Acting Director of the CBN’s Currency Operations Department.
The CBN expressed deep concern over the growing issue of mint naira notes being sold by hawkers, an illegal practice the bank said disrupts the effective and equitable distribution of cash to customers and the general public. The circular referenced a previous directive issued on November 13, 2024, reinforcing the CBN’s commitment to curbing the commodification of the naira.
Under the new directive, any bank branch found guilty of enabling the flow of fresh naira notes to hawkers will face an initial fine of N150 million. The CBN warned that subsequent violations would result in even harsher penalties under the Banks and Other Financial Institutions Act (BOFIA) 2020.
To enforce compliance, the CBN plans to increase surprise inspections in banking halls and ATM locations, and also deploy mystery shoppers to identify and investigate illegal cash hawking activities throughout the country.
The circular noted: “The CBN has observed with concern the ongoing illegal trade of mint banknotes by hawkers and unscrupulous agents, which hampers the smooth distribution of cash to the public and bank customers. In response, we will continue to intensify surprise checks at banking halls, ATMs, and conduct mystery shopping at known hawking hotspots across the nation.”
It further stated that any financial institution caught facilitating or allowing this illegal activity, whether through direct actions or negligence, would face a fine of N150 million per branch for a first offense. For repeated offenses, the bank warned, the full weight of applicable laws would be applied.
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