CBN cracks down on Naira notes hawkers, Imposes N150m fine on banks.

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The Central Bank of Nigeria (CBN) has charged Nigerians to report any deposit bank and its officials involved in the sale or hawking of new naira notes at parties and other social gatherings. The CBN revealed that there is insider involvement in the banknotestrade, with hawkers or sellers likely being supplied by commercial banks.

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The CBN Head of Currency Operations and Branch Management, Paul Onuoha, stated, “Any bank caught aiding and abetting banknotes trade will be slammed with a ₦150m fine without clemency.” He added that if the illegality is traced to multiple branches of the same bank, the affected bank would pay N150m for each branch involved.

The CBN’s Acting Director of Corporate Communications Department, Mrs. Hakama Sidi Ali, emphasised that the nation’s currency is an important national symbol that must be handled with care. She said, “The CBN will continue to ensure availability of clean currency. We, however, urge you to see the Naira as our critical symbol of national identity. Respect and keep it clean. Do not spray, hawk, mutilate or counterfeit the Naira.”

The CBN Fair, with the theme “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”, aims to promote financial inclusion, growth, and economic development. The CBN has also rolled out several policies to strengthen the financial system, including exchange rate unification and the launch of the Nigeria Foreign Exchange (FX) Code.

The CBN Branch Controller, Abeokuta Branch, Malik Ololade, noted that the CBN Fair is a platform to interact with the public and critical stakeholders on the policies of the Central Bank of Nigeria for sustainable economic growth and development. He added that the CBN remains committed to ensuring a sound financial system and an inclusive economy where every Nigerian can thrive.

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