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The Central Bank of Nigeria (CBN) says those involved in the abuse the Naira as well as hawkers of the local currencies will be arrested and prosecuted according to the CBN Act 2007 (As amended).
In a statement signed by the Director, Corporate Communications, Osita Nwanisobi, the apex bank decried the activities of persons involved in selling the newly redesigned banknotes and those who brazenly abuse the currency at social functions while restating that it is unlawful to sell the Naira, toss, stamp or write on it.
According to the statement, the CBN said it is working alongside the Nigeria Police, Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) to punish offenders.
The apex bank assured the public that long queues at ATM outlets will soon wane as Deposit Money Banks (DMBs) have been directed to pay over the counter, a maximum of N20, 000 of the redesigned notes per person daily.
The CBN appealed to bank customers to also use other available means of transaction other than cash to ease the current rush.
The full statement is reproduced below:
The Central Bank of Nigeria (CBN) has 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.
We 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.
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.”
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 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.
Osita Nwanisobi
Director, Corporate Communications
February 2, 2023
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