The Central Bank of Nigeria (CBN) has issued a strong warning to banks involved in the illegal circulation of newly minted naira notes. The apex bank stated that any financial institution found facilitating the illicit flow of mint naira notes will face a hefty fine of N150 million per branch. In a circular signed by Solaja Olayemi, the acting director of the CBN’s Currency Operations Department, the regulator expressed deep concern over the diversion of freshly minted banknotes to currency hawkers and other unscrupulous economic agents. This illegal practice, according…
Read MoreSupply Hawkers Mint Naira Notes, Pay N150m Fine – CBN Warns Banks
