CBN slams N150m fine on banks that release new notes to currency hawkers

The Central Bank of Nigeria has imposed a fine of N150m per branch on Deposit Money Banks that facilitate the release of new notes to currency hawkers without proper authorization. The move aims to curb the illegal circulation of counterfeit naira notes in the market.

The Central Bank of Nigeria (CBN) has imposed a hefty fine of N150m per branch on Deposit Money Banks that have been found guilty of releasing new notes to currency hawkers. This move aims to crack down on the illegal flow of mint naira notes into the informal market, where they are often sold at inflated prices, contributing to economic instability and inflation. The CBN's crackdown is part of its efforts to curb the activities of currency dealers and ensure that only authorized channels for note circulation are used. With this fine, banks will be expected to implement stricter controls on their transactions with hawkers.