Concerned about the illegitimate sale of the national currency, the Central Bank of Nigeria (CBN) has introduced a ₦150 million fine on banks caught supplying mint naira notes to street hawkers.
This action targets curbing the unauthorized sale of the naira, which has disrupted cash flow and accessibility for citizens.
The directive, issued by the Acting Director of Currency Operations, Mohammed Olayemi, outlines that any branch of a Deposit Money Bank (DMB) found guilty will face the penalty, with harsher sanctions for repeated violations under the Banks and Other Financial Institutions Act (BOFIA) 2020.
The CBN plans to intensify monitoring by conducting unannounced checks at banking halls and ATMs while deploying undercover agents to identify hawking locations.
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Banks are also urged to strengthen internal controls to prevent exploitation for illegal cash transactions.
This move comes as the apex bank reaffirms the validity of old ₦1000, ₦500, and ₦200 notes following a Supreme Court ruling and warns against hoarding cash.
The CBN is determined to ensure proper distribution and discourage illicit practices that hinder access to funds.
