The Central Bank of Nigeria (CBN) has fined Deposit Money Banks (DMBs) ₦150 million for facilitating the illegal distribution of mint naira notes to currency hawkers.
In a circular signed by Mohammed Olayemi, Acting Director of Currency Operations, the CBN decried the increasing hawking of mint notes and reaffirmed its commitment to curbing the practice.
The circular, referencing a November 13, 2024, directive, warned that repeat violations would attract harsher penalties under the Banks and Other Financial Institutions Act (BOFIA) 2020.
The CBN announced plans for regular spot checks in banking halls and ATMs, alongside deploying mystery shoppers to expose illicit hawking hotspots.
Erring branches will face ₦150 million fines for first-time offenses, with stricter penalties for subsequent breaches.
This enforcement comes after the CBN’s recent clarification that the old and redesigned ₦1000, ₦500, and ₦200 notes remain legal tender indefinitely, following a Supreme Court ruling.
The public was also urged to avoid hoarding naira notes and adopt electronic payment methods to reduce cash dependency.
