The Central Bank of Nigeria (CBN) has announced stringent measures to curb the hawking and abuse of the Naira, warning that Deposit Money Banks (DMBs) found culpable will face severe penalties.
In a memo issued on Friday in Abuja, Mr. Solaja Olayemi, Acting Director of the Currency Operations Department, stated that the CBN would deploy “mystery shopping” exercises and regular spot checks to trace the source of Naira notes found with hawkers.
Under the new directives, DMBs linked to seized cash will be fined 10% of the total value of the cash withdrawn on the day in question. Repeat offenses will attract an additional 5% penalty increment.
“Banks engaging in cash hoarding, diversion, or violations of the Clean Note Policy will face appropriate sanctions,” Olayemi stated, emphasising the CBN’s commitment to ensuring efficient and responsible cash distribution.
As the yuletide season approaches, the CBN urged banks to bolster internal controls and prioritise cash disbursements through Automated Teller Machines (ATMs) to meet increased public demand.
The apex bank’s initiatives are part of broader efforts to promote accountability, prevent abuse of mint Naira notes, and enhance public access to cash. Olayemi confirmed that the CBN, in collaboration with law enforcement agencies, would intensify monitoring during the festive period to enforce compliance.
This crackdown sends a strong signal to financial institutions and hawkers alike, reaffirming the CBN’s dedication to preserving the integrity of Nigeria’s currency system.
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