The Central Bank of Nigeria, CBN, has imposed a fine of N150 million on Deposit Money Banks found culpable of issuing illegal flow of mint naira notes to currency hawkers across the country. This was contained in a statement by the acting Director of Corporate Communications of the apex bank, Sidi Ali Hakama in Abuja.
The move was after the apex bank addressed recent misinformation about the validity of the old N1000, N500, and N200 banknotes still in circulation. The statement reaffirmed that the denominations remained valid legal tender in line with a Supreme Court ruling issued on November 29, 2023, and warned against hoarding.
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.
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