The Central Bank of Nigeria (CBN) has introduced strict penalties to combat the illegal flow of mint naira notes to hawkers and unscrupulous agents. 

In a circular issued on Friday, December 13, 2024, the apex bank announced that any branch of a Deposit Money Bank (DMB) found culpable will face a fine of N150 million for the first violation, with stricter penalties for repeat offenders under the Banks and Other Financial Institutions Act (BOFIA) 2020.

Signed by the Acting Director of the Currency Operations Department, Mohammed Olayemi, the circular expressed the CBN’s concerns over the growing prevalence of currency hawking, which it described as a practice disrupting efficient cash distribution and undermining the naira’s integrity. The directive builds on an earlier memo dated November 13, 2024, reiterating the bank’s determination to address the commodification of the naira.

To ensure compliance, the CBN has announced plans to increase spot checks in banking halls and ATMs, as well as deploy mystery shoppers to identify illicit cash hawking operations across the country. 

The bank emphasized the need for financial institutions to strengthen their internal controls and safeguard fresh naira notes from unauthorized access.