N150m for offenders: CBN names those behind cash scarcity, advises Nigerians Nexovant
- The CBN has identified individuals responsible for the ongoing cash scarcity at banks and ATMs
- The apex bank has, therefore, announced a fine of N150 million per branch for Deposit Money Banks found guilty
- Nigerians are urged to report cases of cash unavailability using the CBN’s released phone numbers and email contacts
Dave Ibemere, a journalist at Legit.ng, has been reporting on business for over ten years. He has deep knowledge of the Nigerian economy, stock market, and general market trends.
The Central Bank of Nigeria (CBN) has identified preferential treatment of VIP customers by commercial banks as a key reason for the ongoing cash scarcity affecting millions of Nigerians.
CBN to punish banks for selling new naira notes Photo credit: Benson Ibeabuchi
Source: Getty Images
A CBN source quoted by the Nation said there is a widespread preferential treatment for VIP customers, with cash hoarded for their use, while regular customers face difficulty accessing funds across the counters and at automated teller machines (ATMs).
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CBN announces N150m fine for banks selling naira notes to hawkers as cash scarcity worsens
The practice is now more obvious as the festive season approaches
CBN unhappy with cash scarcity
To check this practice, the CBN has imposed strict penalties on banks that engage in these unethical practices.
In a circular addressed to banks and signed by Mohammed Olayemi, the acting director of the currency operations department, the CBN announced that any bank branch found guilty of channelling freshly minted naira notes to currency hawkers or unscrupulous agents would be fined N150 million.
The apex bank also directed banks to ensure equitable cash disbursement over-the-counter (OTC) and through ATMs.
The CBN warned that strict penalties would also be imposed on banks found collaborating with point-of-sale (PoS) operators to limit cash flow to regular customers.
CBN wants Nigerians to report banks
Earlier, Legit.ng reported that the apex bank asked Nigerians who experience difficulty accessing cash at banking halls or ATMs to report.
Read also
One week to Christmas, Nigerians struggle with cash scarcity, empty ATMs and high PoS fees
The CBN requested specific details when filing complaints, which included branches or ATMs, including the account name, the name of the bank, the amount involved, and the time and date of the incident.
Complaints can be submitted through the phone numbers or email addresses of CBN branches in the respective states, as listed on the CBN website.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
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