The Central Bank of Nigeria (CBN) has warned Nigerians to desist from selling the newly redesigned banknotes as those who flagrantly abuse the legal tender by hurling wads of Naira notes in the air and stamping on the currency at social functions will be arrested and prosecuted.
In a statement signed by the Director, Corporate Communications (CBN), Mr. Osita Nwanisobi, the CBN Governor Godwin Emefiele emphasized that it is an offence punishable under the law by fines or imprisonment or both for anyone caught defacing or abusing the Naira.
‘’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.’’
Deposit Banks directed to commence over the counter payment of new Naira notes
In line with this resolve, the CBN Governor, 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.
He also stated that the CBN is committed to ensuring the effective distribution of the newly introduced naira banknotes nationwide as it is working assiduously to address the challenge of queues at ATMs directing deposit Banks (DMBs) throughout the nation to commence payment of the redesigned Naira notes over the counter, subject to a maximum daily payout limit of twenty thousand Naira.’’
The Apex Bank expressed concern over 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.
‘’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.
‘’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. ‘’
Accordingly, the Central Bank of Nigeria (CBN) is 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 address the unpatriotic practice.
‘’We, therefore, warn 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. While reiterating our commitment to Nigerians to ensure the effective distribution of the newly introduced Naira banknotes, we urge them to exercise patience .” He said.
