The Central Bank of Nigeria has directed commercial banks to start paying the new naira notes to customers over the counter in the banking halls.
“We wish to state unequivocally that, contrary to the practice of these unpatriotic persons, it is unlawful to sell the Naira, hurl , or stamp on the currency under any circumstance whatsoever,” the bank said
It noted that Section 21 of the CBN Act 2007 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.”
It added that Section 21 states that “It shall also be an offence punishable under Sub-section 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 bank said it is partnering with the Nigeria Police, Federal Inland Revenue Service, the Economic and Financial Crimes Commission and the Nigerian Financial Intelligence Unit to address the issue of the sale and abuse of new notes in the country.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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