Home News CBN, Police, other agencies to prosecute sellers, abusers of naira
News - February 2, 2023

CBN, Police, other agencies to prosecute sellers, abusers of naira

Assures  ATMs queues will disappear soon

…Directs OTC payment of redesigned banknotes by DMBs

 

Stanley Ihedigbo

Central Bank of Nigeria (CBN) in collaborating with the Nigeria Police, Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) to prosecute sellers, abusers of naira.

According to the Director, Corporate Communications, Mr.  Osita Nwanisobi, for the avoidance of doubt, Section 21(3) of the Central Bank of Nigeria Act 2007 (As amended) stipulates that “spraying of, dancing or matching on the naira or any note issued by the Bank during social occasions or otherwise howsoever shall constitute an abuse and defacing of the Naira or such note and shall be punishable under the law by fines or imprisonment or both.

“Similarly, Section 21(4) states that “It shall also be an offence punishable under Sub-section (1) of this section for any person to hawk, sell or otherwise trade in the Naira notes, coins or any other note issued by the Bank.

The apex bank spokesman warned Nigerians, particularly those at social functions such as birthdays, weddings and funerals, to desist from disrespecting the Naira or risk
being arrested by law enforcement agencies.

He noted that  CBN  observed, with grave concern, the activities of persons who sell the newly redesigned banknotes and those who flagrantly abuse the legal tender by hurling wads of naira notes in the air and stamping on the currency at social functions.

They  have equally noticed the queues at Automated Teller Machines (ATMs) across the country and an upward trend in the cases of people stocking and aggregating the newly introduced banknotes they serially obtain from ATMs for
reasons best known to them.

“Also worrisome are the reported cases of unregistered persons and non-bank officials swapping banknotes for members of the public, purportedly on behalf of the CBN.

“We wish to state unequivocally that, contrary to the practice of these unpatriotic persons, it is unlawful to sell the naira, hurl (spray), or stamp on the currency under any circumstance whatsoever.

“While reiterating our commitment to Nigerians to ensure the effective
distribution of the newly introduced Naira banknotes, we urge them to exercise patience as the CBN is working assiduously to address the challenge of queues
at ATMs. In line with this resolve, the Govenor, Mr. Godwin Emefiele, has directed deposit money banks (DMBs) to commence the payment of the redesigned Naira notes over the counter, subject to a maximum daily payout limit of N20,000.

“We also admonish members of the public to embrace and adopt other payment channels for their transactions. The Naira is our legal tender and symbol of national pride. Therefore, let us respect it and handle it with care,” he  stated.

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