Close Menu
GRASSROOTS PARROT
  • Home
  • News
    • Crime
    • Health
    • Education
    • Agric
    • Climate Report
    • Economy
    • Women Affairs
    • Special Reports
    • Africa
  • Investigations
  • Business
  • Politics
  • Environment
  • Sports
  • More
    • Entertainment
    • Opinions
    • Videos
    • Podcasts
    • Trending
  • About
    • Contact Us
    • Privacy Policy
Facebook X (Twitter) Instagram
Facebook X (Twitter) WhatsApp Telegram
GRASSROOTS PARROT
Subscribe
  • Home
  • News
    • Crime
    • Health
    • Education
    • Agric
    • Climate Report
    • Economy
    • Women Affairs
    • Special Reports
    • Africa
  • Investigations
  • Business

    Tinubu Signs Tax Reform Bills Into Law, Targets Investment and Revenue Growth

    June 26, 2025

    Tinubu Set To Sign Tax Reform Bills Into Law, Promises Fairer Economy For Nigerians

    June 26, 2025

    Blackout Looms As Electricity Workers Give Strike Notice

    June 5, 2025

    Emir Sanusi Woos Foreign Investors, Assures Opportunities, Profit Margin In Nigeria

    May 8, 2025

    Dangote Accuses Oil ‘Cabal’ Of Sabotaging His $20B Refinery

    May 5, 2025
  • Politics

    Gov. Yusuf To Probe Ganduje Over Alleged Sale Of Kano Abattoir

    August 27, 2025

    Ganduje Clean, Not Corrupt — Aide

    August 26, 2025

    APC Wins Kano Re-Run Election, Defeats NNPP

    August 17, 2025

    Police Restrict Movement Ahead Of By-Elections In Kano

    August 14, 2025

    Kano Assembly Suspends LG Chair for Increasing Fertilizer Price by N2,000

    August 13, 2025
  • Environment
  • Sports
  • More
    • Entertainment
    • Opinions
    • Videos
    • Podcasts
    • Trending
  • About
    • Contact Us
    • Privacy Policy
GRASSROOTS PARROT
Home » Banks Releasing New Notes To Hawkers To Get N150m Fine – CBN
Business

Banks Releasing New Notes To Hawkers To Get N150m Fine – CBN

Editor1By Editor1December 14, 2024
Facebook Twitter WhatsApp Telegram
CBN Gov.

The Central Bank of Nigeria (CBN) has announced that it will slam a fine of N150m per branch on Deposit Money Banks found guilty of facilitating the illegal flow of mint naira notes to currency hawkers and unscrupulous agents.

This was contained in a in a circular issued on Friday, December 13, 2024, and signed by the Acting Director of the Currency Operations Department of the CBN, Mohammed Olayemi.

According to the circular, the apex bank is concerned about the increasing prevalence of mint naira notes being traded by hawkers, a practice the bank described as impeding efficient and effective cash distribution to customers and the general public.

The circular, which referred to an earlier directive dated November 13, 2024, highlighted the apex bank’s determination to address the commodification of the naira.

Under the directive, any branch of a financial institution found culpable will face a penalty of N150m for the first violation.

READ ALSO: Jonathan Clarifies What Led To Sanusi’s Suspension As CBN Governor

Subsequent infractions, the CBN warned, would attract stricter sanctions under the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020.

To ensure compliance, the apex bank stated that it would increase periodic spot checks in banking halls and ATMs while deploying mystery shoppers to uncover illicit cash hawking spots across the country.

The circular read, “The CBN has noted with dismay the prevalence of illicit flow of mint banknotes to currency hawkers and other unscrupulous economic agents that commodify Naira banknotes, thus impeding efficient and effective cash distribution to banks’ customers and the general public.

“CBN will continue to intensify the periodic spot checks to the banking halls/ATMs to review cash payouts to banks’ customers, as well as mystery shopping to all identified cash hawking spots across the country.

“In this regard, any erring deposit money banks or financial institutions that are culpable of facilitating, aiding, or abetting, by direct actions or inactions, the 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.”

READ ALSO: I Got Instructions Via Whatsapp To Transfer Multimillion Naira From CBN To Emefiele’s Wife – Banker

The CBN further urged DMBs to strengthen controls, processes, and procedures around their Cash Management Centres, branches, and teller operations to prevent their systems from being exploited for illegal transactions.

The CBN had earlier issued a stern warning to Deposit Money Banks over cash hoarding and diversion, stating that such actions will attract stiff penalties.

In a circular dated November 13, 2024, signed by the Acting Director of Currency Operations, Mohammed Olayemi, and released by the CBN, the apex bank announced intensified measures to ensure efficient and transparent cash disbursement.

The CBN reminded banks of its ongoing mystery shopping exercises and spot checks aimed at discouraging the abuse of naira notes and ensuring responsible distribution of cash, especially as the festive season approaches.

According to the circular, the initiatives are designed to prevent the flow of newly minted banknotes to hawkers and support efficient cash disbursement to the public.

READ ALSO: JUST IN: CBN Revokes License of Heritage Bank

The central bank stated that any DMB traced to seize cash from unauthorised hawkers would face financial penalties.

Such banks will be fined 10 percent of the total value of cash withdrawn from the CBN on the day the offence was committed.

Repeat offenders will incur an additional five per cent penalty for each subsequent breach.

The CBN also warned against cash hoarding, diversion, and other practices that hinder cash flow, stressing that such actions violate the Clean Note Policy.

It noted that defaulters would face appropriate sanctions, which may include additional fines or other regulatory actions.

Share. Facebook Twitter Telegram WhatsApp

Related Posts

Police Arrest Son For Killing His Mother Over Witchcraft Allegation

August 28, 2025

Kano Police Arrest Notorious Thug Over Viral Weapon-Brandishing Videos

August 28, 2025

Hisbah Sets New Guidelines For Weddings, Birthdays In Bauchi

August 27, 2025
Leave A Reply Cancel Reply

Latest Posts

Bribery Allegation: Kano Judicial Commission Sacks Worker, Demotes Court Registrar

February 10, 20251,079

Kano Govt Insists 6 p.m. to 6 a.m Curfew Remains Despite End of Hunger Protest

August 12, 20241,065

Kano Govt Clarifies Curfew Relaxation Amid Growing Rumours

August 4, 2024937

BREAKING: Kano Govt Suspends Curfew

August 12, 2024735
Don't Miss
Crime

Police Arrest Son For Killing His Mother Over Witchcraft Allegation

By Editor IIIAugust 28, 2025

The Jigawa State Police Command has arrested a 25-year-old man, Jibrin Ado, for allegedly leading…

Kano Police Arrest Notorious Thug Over Viral Weapon-Brandishing Videos

August 28, 2025

Hisbah Sets New Guidelines For Weddings, Birthdays In Bauchi

August 27, 2025

Gov. Yusuf To Probe Ganduje Over Alleged Sale Of Kano Abattoir

August 27, 2025
Stay In Touch
  • Facebook
  • Twitter
  • Telegram
  • WhatsApp
About Us

Grassroots Parrot is a community-oriented online news medium focusing on social justice issues and how they are affecting people in the rural areas. We adopt tripod approaches of investigative, developmental and solution journalism to unearth developmental challenges and hold authorities accountable on possible...

Email Us: info@grassrootsparrot.com
Contact: +2348060183014

Facebook X (Twitter) WhatsApp Telegram
Recent Posts

Police Arrest Son For Killing His Mother Over Witchcraft Allegation

August 28, 2025

Kano Police Arrest Notorious Thug Over Viral Weapon-Brandishing Videos

August 28, 2025

Hisbah Sets New Guidelines For Weddings, Birthdays In Bauchi

August 27, 2025
Most Popular

Bribery Allegation: Kano Judicial Commission Sacks Worker, Demotes Court Registrar

February 10, 20251,079

Kano Govt Insists 6 p.m. to 6 a.m Curfew Remains Despite End of Hunger Protest

August 12, 20241,065

Kano Govt Clarifies Curfew Relaxation Amid Growing Rumours

August 4, 2024937
© 2025 GRASSROOTS PARROT
  • Home
  • About Us
  • Contact Us
  • Privacy Policy

Type above and press Enter to search. Press Esc to cancel.

WhatsApp Share