CBN’s Strict Measures: N150m Fine for Banks Over New Notes to Hawkers
The Central Bank of Nigeria (CBN) has implemented strict penalties for banks found supplying new naira notes to currency hawkers.
Any Deposit Money Bank (DMB) implicated in such activities will face a fine of 10% of the total value of cash withdrawn on the day the hawked notes were traced back to them.
Subsequent offenses will attract an additional 5% penalty.
This initiative is part of the CBN’s efforts to curb naira abuse and ensure proper cash distribution, especially as demand increases during the festive season.
Measures include mystery shopping and spot checks to monitor compliance. Banks are encouraged to prioritize cash distribution through ATMs and implement strict internal controls to ensure accountability and responsible cash handling​.