The Central Bank of Nigeria (CBN) has cautioned banks involved in the unlawful circulation of freshly minted naira notes, to desist from the act.
According to the apex bank, any financial institution caught facilitating the illegal distribution of freshly minted notes would incur a penalty of N150 million per branch involved.
The directive, contained in a circular signed by acting director of the CBN’s Currency Operations Department, Solala Olayemi expressed serious concern over the diversion of new naira notes to currency hawkers and other unscrupulous agents.
It described the practice as disruptive to the proper distribution of cash to the public and bank customers.
To this end, the CBN has ramped up enforcement measures, including spot checks at banking halls, ATMs and mystery shopping at locations linked to currency hawking.
The Apex bank maintained that the efforts are aimed at ensuring banks maintain compliance and do not divert new naira notes to unauthorized parties.
