The Central Bank of Nigeria (CBN) has directed banks to
prioritise cash disbursement through automated teller machines (ATMs).
CBN gave the directive in a circular to banks on Friday
titled ‘Mystery shopping & spot checks on cash disbursement activities of
deposit money banks (DMBs)”.
In the circular signed by Solaja Olayemi, acting director,
currency operations department at CBN, the apex bank said it commenced spot
checks to ensure efficient and responsible cash disbursement to the public and
prevent the disbursement of mint banknotes to persons hawking naira notes.
“Please refer to the subsisting circular on mystery shopping
exercise and periodic spot checks on cash distribution/disbursement activities
of Deposit %oney Banks (DMBs),” the circular reads.
“As you will recall, these initiatives were introduced to:
1. Monitor and prevent practices that facilitate flow of mint banknotes to
“hawkers” of naira cash, thereby discouraging abuse of the Naira; and 2. Ensure
that DMBs support efficient and responsible cash disbursement to the public.”
On Wednesday, some Nigerians took to X to complain of a lack
of cash in bank ATMs, and having to depend on point of sale (POS) operators.
CBN also warned that banks disbursing naira notes to persons
hawking the Nigerian currency will be penalised.
“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10% of the total value of cash withdrawn on the day the seized cash was withdrawn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),” the apex bank said.
“Every subsequent offense will be charged incremental
penalty of 5%.”
CBN warned that banks found engaging in cash hoarding,
diversion, or any actions that hinder efficient cash distribution, “including
violations of the Clean Note Policy, will incur appropriate sanctions”.
“As we approach the yuletide season, with an anticipated
increase in cash demand. DMBs are advised to implement internal controls for
responsible disbursement and accountability in respect of mint banknotes
payouts at their outlets,” CBN said.
“To enhance access to cash, we encourage banks to prioritize
cash distribution through ATMs.”
CBN said during the yuletide season, it will collaborate
with relevant law enforcement agencies, to intensify spot checks and mystery
shopping activities to monitor and enforce responsible cash distribution and
prevent naira abuse.
Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on Areatatafo.com.ng to reach thousands of our daily users
