Television Nigerian

By fining negligent Deposit Money Banks (DMBs) N150 million per branch, the Central Bank of Nigeria (CBN) has demonstrated its strong opposition to the illicit transfer of newly printed naira notes to currency hawkers and other dishonest individuals.

This is one of the steps being taken to stop the commercialization of Naira notes, which the CBN claims compromises the effective distribution of cash to Nigerians.

The apex bank voiced its displeasure with the growing tendency of mint Naira notes being sold in cash hawking locations throughout the nation in a circular dated December 13, 2024, and signed by Mohammed J. Olayemi, Acting Director of the Currency Operations Department.
The circular reaffirmed the CBN’s commitment to combating this illegal practice by referencing a previous order dated November 13, 2024.

The CBN states that any bank branch found guilty of enabling, assisting, or abetting the flow of mint notes to hawkers shall be subject to the fine at the first instance of a violation.

The provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020 will impose more harsher penalties for subsequent infractions.

Increased enforcement and surveillance
The CBN declared plans to increase recurring spot checks in ATMs and banking rooms, with an emphasis on examining cash disbursement procedures, in order to guarantee compliance.

In order to find cash-hawking hotspots and identify banks involved in the illicit trade, the top bank also plans to carry out mystery shopping activities.

Along with the fines, the CBN has urged banks to strengthen internal controls, cash management processes, and procedures, especially at Cash Management Centers, branches, and teller operations.

The circular stated: “The CBN has expressed dismay at the widespread illegal transfer of mint banknotes to currency hawkers and other dishonest businesspeople who turn Naira banknotes into commodities, preventing banks and the public from receiving cash in an efficient and effective manner.

“CBN will continue to step up its routine spot checks at banking halls and ATMs to examine cash payouts to bank customers. Additionally, it will conduct mystery shopping at all identified cash hawking locations nationwide.”

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“In this regard, any irresponsible deposit money banks or financial institutions that are responsible for directly or indirectly facilitating, aiding, or abetting the illegal flow of mint banknotes to currency hawkers and dishonest economic agents that commodify Naira banknotes will be penalized at first N150,000,000.00 (one hundred and fifty million Naira) per erring branch, and at later times, the full force of relevant provisions of BOFIA 2020.”

In order to prevent cash distribution systems from being used for illegal activities, the apex bank advised financial institutions to take preventative measures.

Things you should be aware of
The CBN has long been concerned about the illegal flow of mint Naira notes to hawkers because it undermines the integrity of banking operations and causes inefficiencies in the cash distribution system. The top bank’s resolve to bring order back to the country’s currency circulation is emphasized in the most recent circular.
As part of its continuous efforts to ensure responsible currency distribution, the CBN earlier issued severe fines for Deposit Money Banks (DMBs) found to be diverting cash to hawkers, according to a report by Nairametrics.
The central bank announced in a circular dated November 13, 2024, that any bank connected to money taken from street vendors will be fined 10% of the total amount of the money taken out.
A 5% additional penalty will be applied for subsequent infractions.
Muhammad J. Olayemi, Acting Director, Currency Operations Department, signed the circular, which emphasized that the goals of these actions are to prevent naira note abuse and support an effective cash distribution system.
It reaffirmed the CBN’s dedication to upholding its Clean Note Policy, which aims to preserve the naira’s integrity by guaranteeing that banknotes are handled and circulated properly.
Additionally, the CBN cautioned DMBs against cash hoarding and diversion, pointing out that these actions make it more difficult to obtain cash, especially during times of high demand like the holiday season.
The CBN will engage closely with law enforcement agencies to increase spot checks and mystery shopping efforts, and banks involved in these activities will be subject to sanctions.

Shehu Sani, a former federal senator, has called on the North to stay in President Bola Tinubu’s administration.

According to Sani, they shouldn’t let people who didn’t vote for the government run it.

This comes as the former lawmaker pleaded with the North to back the Tinubu administration’s constructive reforms.

Following the North’s resistance to Tinubu’s Tax Reforms Bills, which are presently before the National Assembly, Sani made his remarks in a video that was seen.

According to reports, Tinubu’s government’s tax reform proposals have drawn criticism from a number of regions around the nation.

While some contend that the bills will overburden Nigerians, others claim that they are directed towards the northern area.

According to Sani, the northern region of the country is the most fortunate in the entire country.

“The northern region of the country is the most fortunate in the entire country,” he stated. We occupy over 65% of Nigeria’s total land area.

Nearly 70% of Nigeria’s 235 rivers are found in the country’s northern region. We are fortunate to be able to grow cotton, whereas other countries depend on it.

Some countries depend on sugarcane, but we are fortunate to be able to grow it. We’re sleeping on a treasure trove. No natural resource that exists anywhere else in the globe is not found beneath the surface of our northern soil.

Therefore, the question is: do you still rely on other people to save you? Your capacity to support yourself depends on your future, your dignity, your reputation, and your self-respect.

If my memory serves me correctly, the North installed this regime. Therefore, why should you upset a newborn that you gave birth to?

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“You shouldn’t let people who didn’t vote for this government run it. You brought them to the workplace by using your words.

“The topics that are on the table should be the subject of your demands. The Minister of Education has been there up to this point. This is where the Chief of Defense always comes from. This is where the Minister of Commerce, the Minister of Information, the National Security Advisor, the Minister of Agriculture, and the Minister of Defense are from.

“People from this region of the country hold all of the important positions that the government assigns.”

Former Peoples Democratic Party (PDP) presidential candidate Atiku Abubakar’s Special Assistant on Public Communication, Phrank Shaibu, chastised Vice President Kashim Shettima on Saturday for his remarks about the recently elected Conservative Party leader of the United Kingdom, Kemi Badenoch.

After becoming the head of the UK’s Conservative Party, Shettima accused Badenoch of disrespecting her own Nigeria.

It was remembered that in 2022, Badenoch, then a United Kingdom Prime Minister candidate, accused Nigerian politicians of misusing public funds for private gain.
She said that her upbringing in Nigeria was characterized by fear and insecurity in a corrupt country.

Following her election as UK Conservative Party leader in November 2024, the Nigerian government, through the Nigerians in Diaspora Commission (NIDCOM), reportedly attempted to contact Badenoch, but she declined.

Shaibu commented on the remarks, saying that just because Badenoch’s name is Kemi does not make him a Nigerian.

Shaibu said on X that Arsenal football club’s Gabriel Jesus is not the son of God.

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He wrote, “Those who criticize @KemiBadenoch should pause for a moment of introspection.”

“The fact that her name is Kemi or that she has Yoruba ancestry does not automatically make her Nigerian.

“After all, Arsenal’s Gabriel Jesus (@gabrieljesus9) is not the son of God. @officialSKSM could do something constructive with his time.

To promote openness, accountability, and public trust, the federal government has urged state governments across to bolster the capabilities of their information ministries.

Mohammed Idris, the minister of information and national orientation, made the request during Friday’s 48th National Council of Information and National Orientation meeting in Kaduna.

Commissioners, permanent secretaries, and other participants from the nation’s information and public communication ecosystem attended the meeting.

The ministry organized this year’s council meeting, which had as its theme “Enhancing Public Information Management for Inclusive Governance: The Renewed Hope Agenda in Focus.”

Mr. Idris expressed gratitude to Kaduna State Governor Uba Sani for his kind hospitality and steadfast support of all attendees.

He claims that this demonstrates the state’s crucial function as a lighthouse of advancement and inclusivity in the nation’s path toward national development.

According to the minister, the meeting’s topic emphasized how important public information is in bridging the gap between the goals of the Nigerian people and government policy.

He went on to say that the core of President Bola Tinubu’s Renewed Hope Agenda was this kind of role.

The minister went on to say that the core of government lies in its capacity to unite, communicate, and motivate group efforts.

Mr. Idris went on to say that information management was essential to democracy and progress, not just a tool for administration.

He went on to congratulate all of the meeting’s participants for their dedication to furthering this crucial cause.

Nigeria’s distinct diversity is both a strength and a burden, according to Mr. Idris.

It takes conscious work, particularly by information managers, to ensure that every person feels heard, informed, and engaged in the government process given the diversity of ethnic groups, languages, and religions.

“President Tinubu’s Renewed Hope Agenda is a strong appeal for people-oriented governance and transformational leadership at all levels.

The Agenda is firmly based on the well-established idea that inclusive, transparent administration that prioritizes the betterment of Nigerians’ lives is essential.

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“I would like to make a strong plea to some of our state governments at this time, particularly regarding the situation and functions of State Ministries of Information.”

According to him, the importance of information ministries at the federal and state levels cannot be emphasized in the constantly expanding realm of governance.

“These Ministries foster transparency, accountability, and trust—all crucial pillars of any flourishing democracy—by acting as a link between government policies and the citizens they are intended to serve,” Mr. Idris stated.