CBN fit fine banks wey dey hoard new notes
According to report, di Central Bank of Nigeri CBN fit fine banks wey dey hoard new notes with a sum of N5m and members of di public wey dey sell dinew notes with a sum of N50,000.
This update dey based on di Central Bank of Nigeria Act of 2007 and di Banks and other Financial Institutions Act of 2020.
According to di Banks and other Financial Institutions Act, 2020, di CBN governor fit propose to alter, cancel or enforce fresh or more conditions on licensed bank or financial institution after dem notify di banks wey dey involved.
E mention say any bank wey fail to comply with conditions dey liable to a fine of at least N5m and an extra N100,000 for each day of di compliance failure.
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Also di document note am say any bank director, manager or officer wey fails to ensure say compliance dey observed go follow dey guilty and di person dey liable to at least three years imprisonment, or N2m, or both.
For di CBN Act 2007, na offence to hawk, sell or otherwise trade naira notes, and anyone wey dey guilty fit face imprisonment for a term not less than six months or a fine of at least N50,000. Violators go face both fine and imprisonment, according to di document.
However, CBN bin don threaten to prosecute anybody or banks wey hoard, abuse or sell di new Naira notes.
For statement by di bank Director of Corporate Communications, Osita Nwanisobi, di CBN express concerns over di selling of new notes, and dem go work with security agencies to address di issue.
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