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TOP SECRET REVEALED| FULL DETAILS REPORTED THAT NIGERIA INEC CHAIRMAN IS TRULY DEAD? FULL V!D£0 CL!P HERE.The Central Bank of Nigeria (CBN) has taken a firm stance against the illegal flow of freshly minted naira notes to currency hawkers and other unscrupulous agents by imposing a penalty of N150 million per branch on erring Deposit Money Banks (DMBs). ...READ THE FULL STORY FROM SOURCE ...READ THE FULL STORY FROM SOURCE
This comes as part of measures to curb the commodification of Naira notes, which the CBN says undermines efficient cash distribution to Nigerians.
In a circular issued on December 13, 2024, and signed by the Acting Director of the Currency Operations Department, Mohammed J. Olayemi, the apex bank expressed dismay at the rising trend of mint Naira notes being sold in cash hawking spots across the country.
The circular referred to an earlier directive dated November 13, 2024, underscoring the CBN’s commitment to addressing this illicit activity.
According to the CBN, the fine will be imposed at the first instance of a violation by any bank branch found culpable of facilitating, aiding, or abetting the flow of mint notes to hawkers.
Subsequent violations will attract even stricter penalties under the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020.
Intensified monitoring and enforcement
To ensure compliance, the CBN announced plans to intensify periodic spot checks in banking halls and ATMs, with a focus on reviewing cash disbursement practices.
The apex bank also intends to conduct mystery shopping exercises to identify cash-hawking hotspots and pinpoint banks complicit in the illegal trade.
In addition to the penalties, the CBN has called on banks to tighten their internal controls, processes, and procedures around cash management, particularly at Cash Management Centres, branches, and teller operations.TOP SECRET REVEALED| FULL DETAILS REPORTED THAT NIGERIA INEC CHAIRMAN IS TRULY DEAD? FULL V!D£0 CL!P HERE.
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 apex bank urged financial institutions to take proactive steps to ensure that cash distribution mechanisms are not exploited for illicit purposes.
What you should know
- The illicit flow of mint Naira notes to hawkers has long been a source of concern for the CBN, as it creates inefficiencies in the cash distribution system and raises questions about the integrity of banking operations. The latest circular emphasizes the apex bank’s determination to restore order in the circulation of the nation’s currency.
- Nairametrics earlier reported that the CBN announced stringent penalties for Deposit Money Banks (DMBs) found diverting cash to hawkers, as part of its ongoing efforts to ensure responsible currency distribution.
- In a circular dated November 13, 2024, the apex bank stated that any bank linked to cash seized from hawkers would face a 10% fine on the total value of the withdrawn funds.
- Subsequent violations will attract an incremental penalty of 5%.
- The circular, signed by Muhammad J. Olayemi, Acting Director, Currency Operations Department, emphasised that these measures aim to curb the abuse of naira notes and promote an efficient cash distribution system.
- It reiterated the CBN’s commitment to enforcing its Clean Note Policy, which seeks to maintain the integrity of the naira by ensuring proper handling and circulation of banknotes.
- The CBN also warned DMBs against cash hoarding and diversion, noting that such practices undermine access to cash, particularly during high-demand periods like the yuletide season.TOP SECRET REVEALED| FULL DETAILS REPORTED THAT NIGERIA INEC CHAIRMAN IS TRULY DEAD? FULL V!D£0 CL!P HERE.
- Banks engaging in these activities will face sanctions, with the CBN working closely with law enforcement agencies to intensify spot checks and mystery shopping activities.…Read -T.he.Full_Article.Here.
