15th December 2024, NewsOrient, News, Business And Economy, Law And Society
By Uche Eke, Reporter

The Central Bank of Nigeria has announced a fine of ₦150 million on Deposit Money Banks guilty of issuing mint (new) naira notes to currency hawkers.

This is part of CBN’s response to recent reports that the old N1000, N500, and N200 banknotes still in circulation may no longer be legal tender in the near future. The apex bank said the old Naira notes are still legal tender.

Describing such reports as “misinformation,” the apex bank vowed to fine any bank found issuing new mint banknotes to money hawkers thereby aiding the rumour.

CBN gave the directive in a statement signed by Sidi Ali Hakama, the Acting Director of Corporate Communications.

In the statement, CBN reaffirmed that old notes and denominations remain valid legal tender in line with a Supreme Court ruling issued on November 29, 2023.

Also, Central Bank of Nigeria, in a circular, signed by the Acting Director of Currency Operations Department, Mohammed Olayemi, on Friday, expressed concern over the practice of money hawkers trading in mint naira notes.

~ NewsOrient

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