The Central Bank of Nigeria has asked banks to prioritise cash distribution through automated teller machines (ATMs) to ensure that the public have access to money during the Christmas period.
In a circular signed by Solaja Mohammed Olayemi, acting director, Currency Operations Department, the CBN said as Nigerians approach the yuletide season with an anticipated increase in cash demand, deposit money banks (DMBs) must implement internal controls for responsible disbursement and accountability with respect to mint bank notes payouts at their outlets.
“During this season, the Bank, in collaboration with relevant law enforcement agencies, will intensify spot checks and mystery shopping to monitor and enforce responsible cash distribution and prevent Naira abuse,” CBN said.
The apex bank said DMBs to whom cash seized from ‘hawkers’ is traced will be penalised 10 percent of the total value of cash withdrawn on the day the seized cash was withdrawn from the CBN.
“Every subsequent offense will be charged incremental penalty of 5%,” the CBN said.
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