The Central Bank of Nigeria (CBN) has announced a fine of ₦150 million per branch for Deposit Money Banks found guilty of supplying mint naira notes to currency hawkers and unauthorized agents. This directive was outlined in a circular issued on Friday, December 13, 2024, signed by the Acting Director of the Currency Operations Department, Mohammed Olayemi.
The CBN expressed concerns over the rising trend of mint naira notes being traded by hawkers, stating that this illegal activity undermines the effective distribution of cash to customers and the general public.
The apex bank emphasized that such practices disrupt the cash management system and called on banks to ensure strict compliance with its guidelines. This measure forms part of the CBN’s broader strategy to enhance the integrity and circulation of the naira, ensuring it reaches the intended beneficiaries efficiently. Deposit Money Banks are urged to strengthen their internal controls to avoid sanctions and safeguard the proper distribution of currency.
