This comes as part of measures to curb the commodification of Naira notes, which the CBN says undermines efficient cash distribution to Nigerians.

In a circular issued on December 13, 2024, and signed by the Acting Director of the Currency Operations Department, Mohammed J. Olayemi, the apex bank expressed dismay at the rising trend of mint Naira notes being sold in cash hawking spots across the country.

The circular referred to an earlier directive dated November 13, 2024, underscoring the CBN’s commitment to addressing this illicit activity.

According to the CBN, the fine will be imposed at the first instance of a violation by any bank branch found culpable of facilitating, aiding, or abetting the flow of mint notes to hawkers.

Subsequent violations will attract even stricter penalties under the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020.

Intensified monitoring and enforcement 

To ensure compliance, the CBN announced plans to intensify periodic spot checks in banking halls and ATMs, with a focus on reviewing cash disbursement practices.

The apex bank also intends to conduct mystery shopping exercises to identify cash-hawking hotspots and pinpoint banks complicit in the illegal trade.