AFRICA FOCUS
CBN Directs Banks To Load ATMs, Warns Against Disbursing Cash To Naira Hawkers

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that: a) DMBs, to whom cash seized from “hawkers” of cash is traced, will be penalized 10% of the total value of cash withdrawn on the day the seized cash was withdrawn from the Central Bank of Nigeria (CBN),” the apex bank said.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.
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