{"id":56201,"date":"2024-11-16T10:28:18","date_gmt":"2024-11-16T10:28:18","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=56201"},"modified":"2024-11-16T10:28:18","modified_gmt":"2024-11-16T10:28:18","slug":"cbn-cracks-down-on-naira-abuse-directs-banks-to-prioritize-atms","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2024\/11\/16\/cbn-cracks-down-on-naira-abuse-directs-banks-to-prioritize-atms\/","title":{"rendered":"CBN Cracks Down on Naira Abuse, Directs Banks to Prioritize ATMs"},"content":{"rendered":"<p><strong>By Alexis Uchendu<\/strong><\/p>\n<p>The Central Bank of Nigeria (CBN) has issued a stern directive to banks, mandating them to prioritize Automated Teller Machines (ATMs) for cash distribution while warning against supplying naira notes to individuals involved in illegal currency hawking.<\/p>\n<p>In a circular released on Friday, Solaja Olayemi, the acting director of currency operations at the CBN, expressed concern over the illegal sale and abuse of the naira, outlining strict measures to ensure accountability in cash disbursement.<\/p>\n<p>\u201cDeposit Money Banks (DMBs) linked to cash seized from naira hawkers will face a penalty of 10% of the total value of cash withdrawn from the CBN on the day the offense occurred.<\/p>\n<p>Repeat offenses will attract an additional 5% penalty incrementally,\u201d the circular stated.<\/p>\n<p>The CBN also reiterated its commitment to penalize actions such as cash hoarding, diversion, and breaches of the Clean Note Policy, with sanctions aimed at improving efficiency and curbing currency abuse.<\/p>\n<p>As the festive season approaches, the CBN urged banks to strengthen internal controls and ensure ATMs serve as the primary channel for cash distribution, safeguarding public access and maintaining the integrity of Nigeria\u2019s financial system.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Alexis Uchendu The Central Bank of Nigeria (CBN) has issued a stern directive to banks, mandating them to prioritize Automated Teller Machines (ATMs) for cash distribution while warning against supplying naira notes to individuals involved in illegal currency hawking. In a circular released on Friday, Solaja Olayemi, the acting director of currency operations at [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":56202,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-56201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/56201","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=56201"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/56201\/revisions"}],"predecessor-version":[{"id":56208,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/56201\/revisions\/56208"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/56202"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=56201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=56201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=56201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}