The Central Bank of Nigeria has warned that abusers of naira notes will be prosecuted by the financial regulator in collaboration with other regulatory bodies such as the Nigeria Police Force, Federal Inland Revenue Service, the Economic and Financial Crimes Commission and the Nigerian Financial Intelligence Unit. The warning, according to the CBN, was necessitated by the activities of some people who flagrantly abuse legal tender at social functions.
Central Bank Of Nigeria Directs Banks To Pay New Naira Notes Over The Counter, Threatens To Prosecute Sellers, Naira AbusersThe warning, according to the CBN, was necessitated by the activities of some people who flagrantly abuse legal tender at social functions.
Director of Corporate Communication of CBN, Osita Nwanisobi disclosed this in a statement on Thursday. “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. “Similarly, 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’.
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