The Central Financial institution of Nigeria (CBN) has imposed a tremendous of ₦150 million on Deposit Cash Banks (DMBs) discovered responsible of aiding the unlawful distribution of mint naira notes to forex hawkers.
CBN, in a round issued on Friday and signed by Mohammed Olayemi, Performing Director of the Foreign money Operations Division, stated it was involved concerning the rising prevalence of mint naira notes being traded by hawkers.
In accordance with CBN, the follow disrupts the right circulation of money to prospects and most people.
“The CBN has famous with dismay the prevalence of illicit circulation of mint banknotes to forex hawkers and different unscrupulous financial brokers that commodify Naira banknotes, thus impeding environment friendly and efficient money distribution to banks’ prospects and most people,” Olayemi stated.
Olayemi famous that it’s going to proceed to accentuate the periodic spot checks to the banking halls/ATMs to evaluation money payouts to banks’ prospects, in addition to thriller procuring to all recognized money hawking spots throughout the nation.
“On this regard, any erring deposit cash banks or monetary establishments which can be culpable of facilitating, aiding, or abetting, by direct actions or inactions, the illicit circulation of mint banknotes to forex hawkers and unscrupulous financial brokers that commodify Naira banknotes shall be penalised at first occasion N150,000,000.00 (100 and fifty million Naira) solely, per erring department, and at later cases, apply the total weight of related provisions of BOFIA 2020.”
The apex financial institution, nonetheless, urged DMBs to strengthen controls, processes, and procedures round their Money Administration Centres, branches, and teller operations to forestall their methods from being exploited for unlawful transactions.
