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DOCTORS REVIEW AFFIRMS| ANOTHER COVID’19 SAGA OUTBREAK ABOUT TO HIT THE WORLD AGAIN | SEE V!DEO OF THE CLAIM HERE TO KNOW WHAT TO DO WHEN IT COMES.The Central Bank of Nigeria (CBN) has issued a stern warning to banks engaged in the illegal distribution of newly minted naira notes. ...Tap To Read The Full Story Here | ..Tap To Read The Full Story Here...
The apex bank stated that any financial institution found facilitating the illicit flow of mint naira notes will face a hefty fine of N150 million per branch.
In a circular signed by Solaja Olayemi, the acting director of the CBN’s Currency Operations Department, the regulator expressed deep concern over the diversion of freshly minted banknotes to currency hawkers and other unscrupulous economic agents.
This illegal practice, according to the CBN, disrupts the effective distribution of cash to bank customers and the public at large.
The CBN outlined measures to combat this issue, including intensifying spot checks at banking halls, automated teller machines (ATMs), and mystery shopping across identified currency hawking locations. These efforts aim to monitor and ensure that banks are not disbursing new naira notes to unauthorized individuals.
The circular made it clear that any deposit money bank or financial institution involved in facilitating the illicit flow of mint naira notes would face a fine of N150 million per erring branch. In cases of repeat offenses, the CBN will apply the full extent of the relevant provisions under the Banking and Other Financial Institutions Act (BOFIA) 2020.
“In this regard, any erring deposit money banks or financial institutions that is culpable of facilitating, aiding or abetting, by direct actions or inactions, 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 circular reads.
Additionally, the CBN urged banks to enhance their internal controls, particularly regarding their cash management systems at branches and during teller operations. The bank also reiterated its call for improved efficiency in cash disbursement, reminding financial institutions of its earlier directive on November 15, which prioritizes ATM cash withdrawals.DOCTORS REVIEW AFFIRMS| ANOTHER COVID’19 SAGA OUTBREAK ABOUT TO HIT THE WORLD AGAIN | SEE V!DEO OF THE CLAIM HERE TO KNOW WHAT TO DO WHEN IT COMES.
Furthermore, the CBN warned that banks engaging in cash hoarding, diversion, or any other actions that impede the proper distribution of currency, including violations of the Clean Note Policy, will face severe penalties.…Read -T.he.Full_Article.Here.
