Central Bank of Nigeria (CBN) has announced a fine of N150 million on Deposit Money Banks (DMBs) found guilty of illegally distributing mint naira notes to currency hawkers across the country.

This move follows the apex bank’s recent clarification on the validity of the old N1000, N500, and N200 banknotes, which remain legal tender in line with a Supreme Court ruling issued on November 29, 2023.

A statement signed by Sidi Ali Hakama, acting director of corporate communications, reaffirmed the validity of these denominations and warned against hoarding.

In a circular signed by the Acting Director of the Currency Operations Department, Mohammed Olayemi, the CBN expressed concern over the increasing prevalence of mint naira notes being traded by hawkers, describing the practice as impeding efficient and effective cash distribution to customers and the general public.

The circular, which referred to an earlier directive dated November 13, 2024, highlighted the CBN’s determination to address the commodification of the naira. Under the directive, any branch of a financial institution found culpable will face a penalty of N150 million for the first violation. Subsequent infractions would attract stricter sanctions under the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020.

To ensure compliance, the CBN stated that it would increase periodic spot checks in banking halls and ATMs while deploying mystery shoppers to uncover illicit cash hawking spots across the country.

The CBN further urged DMBs to strengthen controls, processes, and procedures around their Cash Management Centres, branches, and teller operations to prevent their systems from being exploited for illegal transactions.

The National Pension Commission (PenCom) revealed that Nigeria’s pension fund assets have surged to N21.92 trillion as of October 2024, reflecting a substantial increase of N1.113 trillion from the N20.79 trillion reported in July.

Omolola Oloworaran, PenCom Director General, who made this known, also revealed that the Commission recorded 10.53 million registered contributors as of the same month.

Oloworaran spoke at the 2024 PenCom Media Conference, themed “Tech-Driven Transformation: Shaping the Pension Landscape,” held in Abuja on Thursday.

She stated that the figures reflect the Commission’s unwavering commitment to fund safety, prudent management, and sustainable growth.

However, the DG noted that the economic realities of 2024 and preceding years, including high inflation, the devaluation of the naira, and the lingering effects of unorthodox monetary policies, have eroded the real value of pension funds and impacted contributors’ purchasing power.

To address these challenges, Oloworaran said PenCom has initiated a comprehensive review of its Investment Regulations, focusing on diversifying pension fund investments into inflation-protected instruments, alternative assets, and foreign currency-denominated investments.

“Our goal is to safeguard contributors’ savings and ensure resilience against future economic volatility,” she said.

She further added, “Expanding pension coverage remains a top priority for the Commission. Our revamped Micro Pension Plan leverages technology to incentivize informal sector participation, making it easier for everyday Nigerians to save for retirement. This initiative aligns with our vision of inclusive growth and financial security for all.”

The PenCom boss also highlighted efforts to address delays in retirement benefit payments to retirees of Federal Government treasury-funded MDAs.

“Recently, N44 billion was released under the 2024 budget appropriations to settle accrued pension rights for retirees from March to September 2023. Moving forward, we are working with the Federal Government to institutionalize a sustainable solution, ensuring retirees receive their benefits promptly and without undue stress.”

Oloworaran also highlighted the launch of the e-Application Portal for Pension Clearance Certificates (PCC) in October 2024. She noted that this initiative replaces the manual process, enabling companies to seamlessly apply for and receive PCCs online.

“This year, we have issued 38,528 PCCs, significantly enhancing ease of doing business and ensuring compliance.”

She also stated that the Pension Industry Shared Service Initiative is in advanced stages of implementation. This initiative will digitize pension contributions and remittances, ensuring seamless processing of Retirement Savings Account contributions and resolving discrepancies caused by incomplete remittance details.

“To further enhance contributors’ experiences, we have introduced a revised programmed withdrawal template, simplifying access to voluntary contributions and revising the threshold for en-bloc payments in line with the new minimum wage. These measures are designed to make retirement processes more efficient and user-centric,” she explained.

House of Representatives has urged the closure of illegal loan platforms used by “one chance” operatives to extort money from unsuspecting victims.

This decision followed a motion of urgent public importance presented by Billy Osawaru during Wednesday’s plenary session.

Osawaru highlighted the activities of these operatives as “heinous,” explaining how their actions leave victims in dire conditions.

He noted that victims are often subjected to severe torture and forced to hand over personal information, which is then exploited.

“In many cases, the phone numbers and bank accounts of victims are used to borrow money from illegal and unauthorised loan apps, thereby incurring huge debts that the victims are forced to repay,” Osawaru said.

The lawmaker also expressed concern over the reluctance of banks to assist complainants without a Police report.

He called on the Nigeria Police, banks, and FinTech operators such as Opay and MoniePoint to prioritize cases of “one chance” operations and kidnappings reported to them.

The motion was adopted unanimously by the House without further debate.