Regulatory Alerts2024-11-16 | COD/DIR/INT/CIR/001/021Mystery Shopping and Spot Checks on Cash Requirement Activities of Deposit Money Banks (DMBs)
The Central Bank of Nigeria circulates a reminder to banks about the ongoing mystery shopping exercise and spot checks on cash distribution. The bank emphasizes the importance of responsible cash disbursement to prevent mint banknotes from ending up in the hands of "hawkers" and encourages banks to prioritize ATM cash distribution. During the upcoming yuletide season, the bank, along with law enforcement agencies, will increase monitoring and enforcement to prevent Naira abuse.