The Central Bank of Nigeria has announced that it will slam a fine of N150m per branch on Deposit Money Banks found guilty of facilitating the illegal flow of mint naira notes to currency hawkers and unscrupulous agents.

The apex bank disclosed this in a circular issued on Friday, December 13, 2024, signed by the Acting Director of the Currency Operations Department, Mohammed Olayemi.

The circular revealed that the CBN is concerned about the increasing prevalence of mint naira notes being traded by hawkers, a practice the bank described 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 apex bank’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 N150m for the first violation.

Subsequent infractions, the CBN warned, would attract stricter sanctions under the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020.

To ensure compliance, the apex bank 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 circular read, “The CBN has noted with dismay the prevalence of illicit flow of mint banknotes to currency hawkers and other unscrupulous economic agents that commodify Naira banknotes, thus impeding efficient and effective cash distribution to banks’ customers and the general public.

“CBN will continue to intensify the periodic spot checks to the banking halls/ATMs to review cash payouts to banks’ customers, as well as mystery shopping to all identified cash hawking spots across the country.

“In this regard, any erring deposit money banks or financial institutions that are culpable of facilitating, aiding, or abetting, by direct actions or inactions, the illicit flow of mint banknotes to currency hawkers and unscrupulous economic agents that commodify Naira banknotes shall be penalised at first instance N150,000,000.00 (One hundred and fifty million Naira) only, per erring branch, and at later instances, apply the full weight of relevant provisions of BOFIA 2020.”

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.

Christmas is just around the corner, and it’s a great time to review your finances before the new year. Making the right financial moves now can help you enter 2025 with confidence. Here are five smart investment steps Nigerians can take before the year ends.

1. Review Your Budget
The festive season is exciting but can lead to overspending. Before you start shopping, take some time to look at how you managed your money in 2024. Ask yourself: Did I stick to my budget? Did I spend more than I planned? What could I do better next year?

Use this review to improve your budget for 2025. If the 50-30-20 rule (50% for needs, 30% for wants, 20% for savings) didn’t work for you, adjust it to fit your situation. Also, set a holiday spending limit to avoid unnecessary debt.

2. Build or Rebuild Your Emergency Fund
An emergency fund is your financial safety net. It’s especially important in a time of rising inflation and unpredictable expenses. Aim to save enough to cover 3–6 months of basic needs.

If you’ve used up some of your emergency funds in 2024, start rebuilding it now. You can automate a portion of your income to go directly into your savings. A strong emergency fund will give you peace of mind heading into the new year.

3. Choose Safe Investments
If you want to grow your money during the holidays, focus on low-risk investments. Options like Treasury bills, government bonds, and fixed deposits are reliable choices.

These investments offer steady returns and protect your money from major losses. With interest rates improving, now is a good time to take advantage of these secure options.

4. Check Your Investment Portfolio
Look at your current investments to make sure they still match your financial goals. For younger investors, a mix of stocks and mutual funds may provide higher growth. For those nearing retirement, safer options like bonds might be better.

If you’re not sure how to balance your portfolio, talk to a financial advisor. You can also consider investing in dollar-based options like Eurobonds to protect yourself from the naira’s depreciation.

5. Plan for Retirement
It’s never too early to think about retirement. If you have a pension plan, consider increasing your contributions to secure a comfortable future.

Also, start saving for long-term goals like buying a house, paying for education, or starting a business. Real estate and agricultural investments are great options to diversify your income.

Final Thoughts
As the year ends, it’s a perfect time to reflect on your financial journey and make smarter choices for the future. By budgeting wisely, building savings, and making the right investments, you can start 2025 on a strong financial footing.

Don’t forget to celebrate your achievements, no matter how small they seem. Every step you take toward financial freedom is worth recognising. With a clear plan, you’ll be ready to face the new year with confidence and peace of mind.

Elon Musk, chief executive officer (CEO) of Tesla, an electric vehicle company, has reclaimed the world’s richest person title.

According to the latest Bloomberg Billionaires Index, the South African-born American billionaire overtook Jeff Bezos, Amazon CEO, to cross a threshold of over $400 billion — the first time ever.

The net worth of Musk rose to $447 billion on Thursday — over $190 billion more than Bezos, who has held the top spot since early this year, according to the Bloomberg index.

On December 11, Tesla shares closed at a record high, hitting $424.77.

Also, xAI, Musk’s artificial intelligence startup, more than doubled in value in November amid a new funding round, surging to $50 billion from a few months ago, according to the Wall Street Journal.

Musk, also the owner of X, the microblogging platform previously known as Twitter, is also Tesla’s largest individual shareholder.

The billionaire was an avid supporter of Trump during the campaigns leading up to the November 5 presidential election.

On November 13, Trump appointed Musk to lead a soon-to-be-established department of government efficiency (DOGE).