The Central Bank of Nigeria (CBN) has imposed a penalty of N150 million on banks found culpable of facilitating the illicit flow of mint naira banknotes to currency hawkers and other unscrupulous economic agents.
In a circular signed by Solaja Olayemi, the acting director of currency operations department, the CBN expressed concern over the illicit flow of mint banknotesThis, according to the regulator, impedes the efficient and effective cash distribution to banks’ customers and the general public.
The apex bank said it would intensify spot checks at banking halls and automated teller machines to review cash payouts to banks’ customers, as well as mystery shopping to all identified cash hawking spots across the country.
The CBN urged all banks and financial institutions to strengthen their controls, processes and procedures around their cash managements centres, branch, and teller operations.The regulator said it commenced spot checks to ensure efficient and responsible cash disbursement to the public and prevent the disbursement of mint banknotes to persons hawking naira notes.
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