CBN Cracks Down on Illicit Mint Naira Flow, Imposes Heavy Penalties on Banks

The Central Bank of Nigeria (CBN) has expressed concern over the illegal circulation of mint Naira banknotes by currency hawkers and other dishonest economic agents. This practice disrupts the efficient distribution of cash to the public and banks’ customers.

To address this issue, the CBN will enhance its monitoring efforts, conducting periodic spot checks at banking halls and ATMs, as well as mystery shopping at known cash hawking locations across the country.

Financial institutions found guilty of facilitating the illegal flow of mint banknotes will face a penalty of ₦150,000,000 per offending branch. Repeat offenders will be subjected to more severe consequences under the Bank and Other Financial Institutions Act (BOFIA) 2020.