The Central Bank of Nigeria (CBN) has intensified measures to curb the misuse of naira notes and improve cash circulation. In a recent directive, the CBN announced penalties for banks involved in selling cash to naira hawkers or engaging in cash hoarding. Any bank linked to cash seized from hawkers will face fines amounting to 10% of the withdrawn amount, with subsequent violations attracting an additional 5% fine. These actions aim to enforce the CBN’s Clean Note Policy and maintain the integrity of the naira.
Additionally, the CBN has mandated that banks prioritize dispensing cash through Automated Teller Machines (ATMs) rather than over-the-counter or informal channels. Spot checks and mystery shopping activities are planned to ensure compliance, especially as cash demand rises during the festive season. Members of the public are encouraged to report unauthorized cash dealings through a new complaint portal.
These initiatives are part of broader efforts to stabilize the financial system and ensure equitable access to cash.
