Wednesday, August 21, 2019, 09:10AM /CBN
1) The MFBs shall have a Composite Risk Rating
(CRR) of ABOVE AVERAGE in the most recent RBS/Target examination. Restricting
participation to MFBs with satisfactory ratings will ensure that only MFBs with
good corporate governance practices take part.
2) The MFBs shall accept a mixture of new and
Counted Audited Clean (CAC) banknotes under the intervention scheme.
3) The MFBs shall give 20% of any withdrawal in
lower denomination banknotes subject to a maximum of N50,000.00. Where
beneficiaries withdraw more than once a day, the disbursement under the
initiative will apply to only one transaction per day.
4) The MFBs shall exchange banknotes subject to a
maximum of N50,000.00 for customers with accounts and N10,000.00 for customers
without accounts. The MFBs shall not exchange for same beneficiary more than
once a week.
5) The MFBs shall:
- maintain a register
of the amount received from the CBN through its correspondent bank/DMB.
- maintain a register
of the beneficiaries of the disbursement. The register will contain
amount, denominations disbursed, names, addresses and phone numbers
- ensure that
withdrawal teller slips contain a breakdown of the denomination of the
currency disbursed to customers with accounts.
- ensure that disbursement
to customers without accounts shall be recorded in the Daily Withdrawal
Register (DWR) which shall contain the amount, denominations disbursed and
details of the beneficiaries (names, addresses, phone numbers and means of
identification e.g. National I.D. card, Drivers License ,International
passport and Permanent Voters Card).
- ensure that the
serial numbers of all banknote disbursed are captured.
6) MFBs shall not sell, hoard or use the funds
obtained under the intervention for any other purpose other than for which it
7) MFBs shall put in place effective internal
control measures to ensure that banknotes disbursed to customers with accounts
and customers without accounts are not sold.
8) MFBs shall render weekly/monthly Returns to CBN
Branches on lower denomination banknotes disbursed.
9) CBN shall monitor the disbursement of the
10) Appropriate sanctions shall apply for
non-compliance with these modalities.
You are hereby advised to strictly comply with these
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