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Central Bank of Nigeria

Updated Penalty on Inappropriate Cash Disbursement Practices by Deposit Money Banks (DMBS)

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Author
Central Bank of Nigeria
Reference No.
COD/DIR/INT/CIR/001/025
Year
2024
Pages
2 pages

The Central Bank of Nigeria announces a N150 million first-instance penalty per erring branch of a deposit money bank or financial institution that facilitates the illicit flow of mint banknotes to currency hawkers or other agents, with subsequent enforcement under BOFIA 2020. The circular also…

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