Central Bank of Nigeria (CBN) has warned banks that facilitating illicit flow of mint naira notes will attract a fine of N150 million per branch.
Gatekeepers News reports that the apex bank in a circular signed by Solaja Olayemi, acting director of currency operations department, expressed concern over the illicit flow of mint banknotes to currency hawkers and unscrupulous economic agents.
CBN noted that such acts impede 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. Mystery shopping will also be carried out at all identified cash hawking spots nationwide.
The circular reads, “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.”
CBN urged all banks and financial institutions to strengthen their controls, processes and procedures around their cash managements centres, branch, and teller operations.
