Regulatory Alerts2024-12-14 | COD/DIR/INT/CIR/001/025Added · Updated
Updated Penalty on Inappropriate Cash Disbursement Practices by Deposit Money Banks (DMBs)
The Central Bank of Nigeria is addressing inappropriate cash disbursement practices by deposit money banks and financial institutions, particularly the illicit flow of mint banknotes to currency hawkers. The CBN will conduct spot checks and mystery shopping to identify erring banks, with penalties of ₦150,000,000.00 per branch for the first offense and stricter penalties for subsequent offenses. All DMBs and financial institutions are advised to strengthen their controls to prevent such illicit activities.
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