The Central Bank of Nigeria (CBN) has instructed Deposit Money Banks (DMBs), including Access Bank, United Bank for Africa (UBA), and Zenith Bank, to ensure cash availability through Automated Teller Machines (ATMs).
CBN disclosed this in a circular issued by Solaja Olayemi Acting Director of Currency Operations on Friday, November 15.
The apex bank said it will penalise banks involved in selling mint naira notes to hawkers.
It also stated that it would carry out nationwide inspections to seize mint notes found with hawkers and hold the responsible banks accountable.
Part of CBN circular reads:
“DMBs traced to cash seised from hawkers will face a penalty of 10% of the total value of cash withdrawn from the CBN on the day of the infraction.”
It added that repeat offenders would face incremental fines of 5% for subsequent breaches.
The CBN also cautioned DMBs against hoarding, diverting cash, or engaging in activities that obstruct efficient cash distribution, including violations of its clean notes policy. Vanguard reports.
To enhance transparency and efficiency, banks have been advised to strengthen internal controls for cash distribution, particularly through ATMs, ensuring widespread circulation of new naira notes.
The regulator further disclosed plans to increase mystery shopping and spot checks in collaboration with law enforcement agencies to curb abuse of the currency.
