The Central Bank of Nigeria (CBN) on Saturday issued a strong warning to banks involved in the illegal circulation of newly minted naira notes.
Edum News reports that acording to the Apex Bank, any financial institution found facilitating the illicit flow of mint naira notes will face a hefty fine of N150 million per branch.
Speaking in a circular signed by Solaja Olayemi, the acting director of the CBN’s Currency Operations Department, the CBN expressed deep concern over the diversion of freshly minted banknotes to currency hawkers and other unscrupulous economic agents.
The statement partly reads, “In this regard, any erring deposit money banks or financial institutions that is culpable of facilitating, aiding or abetting, by direct actions or inactions, illicit flow of mint banknotes to currency hawkers and unscrupulous economic agents that commodify Naira banknotes, shall be penalised at first instance N150,000,000.00 (One hundred and fifty million Naira) only, per erring branch and at later instances apply the full weight of relevant provisions of BOFIA 2020.”
