The Central Bank of Nigeria (CBN) says banks facilitating
illicit flow of mint naira notes will face N150 million fine per branch.
In a circular signed by Solaja Olayemi, the acting director
of currency operations department, the CBN expressed concern over the illicit
flow of mint banknotes to currency hawkers and unscrupulous economic agents.
This, according to the regulator, impedes the efficient and
effective cash distribution to banks’ customers and the general public.
The apex bank said it would intensify spot checks at banking
halls and automated teller machines (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 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 said.
The CBN urged all banks and financial institutions to
strengthen their controls, processes and procedures around their cash
managements centres, branch, and teller operations.
On November 15, the bank directed banks to prioritise cash
disbursement through ATMs.
The regulator said it commenced spot checks to ensure
efficient and responsible cash disbursement to the public and prevent the
disbursement of mint banknotes to persons hawking naira notes.
The CBN warned that banks disbursing naira notes to persons
hawking the currency will be penalised.
The apex bank also warned that banks found engaging in cash
hoarding, diversion, or any actions that hinder efficient cash distribution,
“including violations of the Clean Note Policy, will incur appropriate
sanctions”.
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