Naira Swap: CBN Okays N20,000 Over-the-counter Payment Business Nairaswap
Warning Nigerians against abusing the naira at social functions or risk being arrested by law enforcement agencies, the apex bank said, for avoidance of doubt, Section 21 of the Central Bank of Nigeria 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.
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.” Accordingly, CBN is collaborating with the Nigeria Police, Federal Inland Revenue Service , the Economic and Financial Crimes Commission and the Nigerian Financial Intelligence Unit to address the unpatriotic practice.
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