The Central Bank of Nigeria (CBN) has announced a fine of ₦150 million on any Deposit Money Bank (DMB) branch found guilty of illegally distributing mint Naira notes to currency hawkers.
This decision, aimed at curbing the commodification of the Naira, was announced in a statement by Sidi Ali Hakama, the acting Director of Corporate Communications at the CBN.
The CBN emphasized that hoarding and trading the Naira impede efficient cash distribution.
The CBN also outlined measures to ensure compliance, including enhanced periodic inspections of banking halls and ATMs, as well as deploying mystery shoppers to identify illicit cash hawking spots nationwide.
The directive also warned of stricter sanctions for subsequent violations under the Banks and Other Financial Institutions Act (BOFIA), 2020.
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