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CBN Directs Banks to Prioritize ATM Cash Disbursement, Warns Against Naira Hawking

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: November 15, 2024
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The Central Bank of Nigeria (CBN) has directed deposit money banks (DMBs) to prioritize cash disbursement through automated teller machines (ATMs) to ensure efficient and responsible distribution.

The directive, issued in a circular titled “Mystery Shopping & Spot Checks on Cash Disbursement Activities of Deposit Money Banks (DMBs)”, was signed by Solaja Olayemi, Acting Director of the Currency Operations Department, on Friday.

The CBN stated that it has commenced spot checks and mystery shopping exercises to monitor compliance and prevent the disbursement of mint naira notes to individuals hawking the currency. The apex bank emphasized the importance of these initiatives in curbing naira abuse and ensuring public access to cash.

“For the avoidance of doubt, it should be noted that: a) DMBs, to whom cash seized from ‘hawkers’ of cash is traced, will be penalized 10% of the total value of cash withdrawn on the day the seized cash was withdrawn from the Central Bank of Nigeria (CBN). Every subsequent offense will be charged an incremental penalty of 5%,” the CBN warned in the circular.

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The apex bank also cautioned against practices such as cash hoarding, diversion, and violations of the Clean Note Policy, stressing that banks engaging in these actions will face sanctions.

With the yuletide season approaching and an expected increase in cash demand, the CBN urged banks to strengthen internal controls for responsible cash disbursement. “To enhance access to cash, we encourage banks to prioritize cash distribution through ATMs,” the circular read.

The CBN also announced plans to collaborate with law enforcement agencies during the festive period to intensify spot checks and mystery shopping activities, ensuring that cash distribution remains accountable and compliant with regulations.

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ByMuhammad A. Aliyu
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Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
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