The Central Bank of Nigeria has imposed a penalty of N150m on banks found releasing mint naira notes to hawkers. This move is part of efforts to curb the growing practice of commodifying the naira.
In a circular issued on Friday, the CBN expressed concern over the rising trend of mint naira notes being traded by hawkers, hindering the efficient distribution of cash to customers and the general public.
According to the circular, the CBN will intensify periodic spot checks at banking halls and ATMs, as well as deploy mystery shoppers to identify illegal cash hawking spots across the country.
The apex bank urged Deposit Money Banks to strengthen controls, processes, and procedures at their Cash Management Centres, branches, and teller operations to prevent their systems from being exploited for illegal transactions.
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