{"id":58000,"date":"2024-12-14T19:15:14","date_gmt":"2024-12-14T19:15:14","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=58000"},"modified":"2024-12-14T19:15:14","modified_gmt":"2024-12-14T19:15:14","slug":"cbn-imposes-n150-million-fine-on-banks-for-mint-note-abuse","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2024\/12\/14\/cbn-imposes-n150-million-fine-on-banks-for-mint-note-abuse\/","title":{"rendered":"CBN Imposes N150 Million Fine on Banks for Mint Note Abuse"},"content":{"rendered":"<p><strong>By Our Correspondent\u00a0<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>The Central Bank of Nigeria (CBN), has imposed a N150 million fine per branch on Deposit Money Banks (DMBs), involved in the illegal circulation of freshly minted Naira notes to currency hawkers and unauthorized agents.<\/p>\n<p>This action, announced in a circular dated December 13, 2024, aims to curb the growing issue of cash hawking, which undermines the country\u2019s financial system.<\/p>\n<p>The fine will apply to the first violation of any branch found to facilitate the distribution of mint notes to hawkers.<\/p>\n<p>Further violations will attract harsher penalties in accordance with the Banks and Other Financial Institutions Act (BOFIA) 2020.<\/p>\n<p>The CBN has also outlined plans for periodic checks on banking halls and ATMs to ensure compliance, with additional mystery shopping exercises to identify and expose non-compliant branches.<\/p>\n<p>The CBN expressed deep concern over the illegal practice, which it stated erodes public trust in the financial system and hampers the proper distribution of cash.<\/p>\n<p>In addition to the fines, banks are urged to enhance internal controls at Cash Management Centres, teller points, and branches to prevent misuse of cash distribution mechanisms.<\/p>\n<p>This directive is part of the CBN\u2019s broader strategy to ensure the integrity of Nigeria\u2019s currency management and eliminate the commodification of the Naira.<\/p>\n<p>Non-compliance with these measures will lead to severe penalties as the CBN continues to uphold the sanctity of the nation&#8217;s financial operations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Our Correspondent\u00a0 &nbsp; The Central Bank of Nigeria (CBN), has imposed a N150 million fine per branch on Deposit Money Banks (DMBs), involved in the illegal circulation of freshly minted Naira notes to currency hawkers and unauthorized agents. This action, announced in a circular dated December 13, 2024, aims to curb the growing issue [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":58001,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-58000","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\/58000","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\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=58000"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/58000\/revisions"}],"predecessor-version":[{"id":58002,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/58000\/revisions\/58002"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/58001"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=58000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=58000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=58000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}