CBN Directs Banks To Pay 20,000 redesigned naira notes to customers over the counter… Also to collaborate with Police, other agencies to Prosecute Sellers, Abusers of Naira

Oru Leonard 

In order to alleviate the pressure the public is going through to get cash, the Central Bank of Nigeria (CBN), 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.

The CBN also frowns against 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.

This was contained in a press release signed by the Director, Corporate Communications, Mr. Osita Nwanisobi yesterday.

See full text

CBN, Police, and Other Agencies To Prosecute Sellers, Abusers of Naira
…Assures That Queues At ATMs Will Disappear Soon
…Directs OTC payment of Redesigned Banknotes by DMBs

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