The bank cited incidents of banks facilitating the illicit flow of mint Naira notes through direct actions or inactions.
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In a circular dated 13 December by the Acting Director, Currency Operations Department, Solaja Olayemi, the CBN expressed dismay at the increasing prevalence of Naira hawking, which undermines efficient cash distribution and poses risks to public confidence in the financial system. It called on all banks to tighten internal controls, particularly in their cash management centres, branches, and teller operations.Support journalism driven by facts, created by Nigerians for Nigerians. Our thorough, researched reporting relies on the support of readers like you.The move comes as part of broader efforts to curb illicit cash activities and ensure a transparent and effective currency distribution framework.
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