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We’ve recovered N65bn from commercial banks for wrong deductions — CBN - Rave 91.7 FM
We’ve recovered N65bn from commercial banks for wrong deductions — CBN - Rave 91.7 FM
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We’ve recovered N65bn from commercial banks for wrong deductions — CBN

We’ve recovered N65bn from commercial banks for wrong deductions — CBN

ASABA—THE Central Bank of Nigeria, CBN, says it has recovered N65 billion from commercial banks for wrong deductions and charges, restating its resolve to arrest and prosecute those hawking naira notes. Speaking during a programme with the theme: Promoting Financial Stability and Economic Development, in Asaba, Delta State, acting Director, Corporate Communication, of the apex bank, Mr Isaac Okorafor, said the bank was determined to discourage people from hawking the naira, saying it was an abuse and a criminal offence to sell the naira on the streets. Okorafor said: “The CBN is very committed to making sure that people do not hawk the naira. Hawking and selling the naira on the streets is a criminal offence and punishable under the CBN Act of 2007.” Disclosing that stern warning had been given to the bank’s staff to steer clear from such practice, he said “We have made it clear that any of our staff caught in that practice, will be dismissed and we have also made it clear to banks that any bank personnel that was caught doing that will be severely punished.” Noting that the bank is a regulator, he said “It is the duty of the Nigeria Police to enforce the law. We have collaborated with them at different times.”

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