The Central Bank of Nigeria (CBN) has announced stringent measures to combat the hawking of mint naira notes, introducing a hefty ₦150 million fine for Deposit Money Banks (DMBs) found guilty of facilitating the practice.

In a circular dated December 13, 2024, Mohammed Olayemi, Acting Director of the CBN’s Currency Operations Department, condemned the illegal commodification of naira notes, describing it as a threat to efficient cash distribution and the integrity of the currency. He warned that repeat violations would attract stricter penalties under the Banks and Other Financial Institutions Act (BOFIA) 2020.

The CBN highlighted its actions to curb the illicit flow of mint notes:

• Spot checks at bank branches and ATMs.
• Mystery shopping at known currency hawking hotspots.
• Fines of ₦150 million per offending bank branch.

Despite ongoing efforts to improve cash circulation, reports of hawking persist amid cash shortages. To reassure Nigerians, CBN Governor Olayemi Cardoso emphasized the apex bank’s commitment to ensuring adequate cash availability, particularly during the festive season.

Cardoso outlined initiatives rolled out since December 1, 2024, including:

• Increased monitoring of DMBs to ensure cash is accessible.
• Channels for customers to report cash withdrawal challenges.
• Enforced compliance among mobile money operators and POS agents.

“We remain dedicated to maintaining a robust cash offering to meet the nation’s needs,” Cardoso said at the Chartered Institute of Bankers of Nigeria (CIBN) Bankers’ Dinner in Lagos.

In a related update, the CBN reaffirmed the validity of old ₦1000, ₦500, and ₦200 notes alongside the redesigned versions, following the Supreme Court’s November 29, 2023, ruling that allowed indefinite concurrent circulation. Acting Director of Corporate Communications, Mrs. Sidi Ali Hakama, clarified that rumors of a December 31, 2024, deadline were false.

“All versions of the naira, including old and new designs of ₦1000, ₦500, and ₦200 denominations, as well as the commemorative ₦100 notes, remain legal tender without any deadline,” Hakama confirmed.

The CBN encouraged Nigerians to adopt alternative payment methods to reduce dependence on physical cash while ensuring transparency and efficiency in cash distribution across the nation.