Nigeria CBN imposes N150m fine on banks issuing new notes to hawkers

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The Central Bank of Nigeria, CBN, has imposed a fine of N150 million on Deposit Money Banks found culpable of issuing illegal flow of mint naira notes to currency hawkers across the country.

This was contained in a statement by the acting Director of Corporate Communications of the apex bank, Sidi Ali Hakama in Abuja.

The move was after the apex bank addressed recent misinformation about the validity of the old N1000, N500, and N200 banknotes still in circulation.


The statement reaffirmed that the denominations remained valid legal tender in line with a Supreme Court ruling issued on November 29, 2023, and warned against hoarding.

Following the clarification, CBN in a circular signed by the Acting Director of the Currency Operations Department, Mohammed Olayemi on Friday, said it was concerned about the increasing prevalence of mint naira notes being traded by hawkers.

The apex bank described the practice as impeding efficient and effective cash distribution to customers and the general public.

The circular, which referred to an earlier directive dated November 13, 2024, highlighted CBN?s determination to address the commodification of the naira.