Naira Abusers, Sellers to Face Prosecution, Fines, or Imprisonment

The Central Bank of Nigeria (CBN) has issued a warning to all individuals who engage in the selling, hurling, or stamping of the Naira notes during social functions or otherwise. The CBN is collaborating with the Nigeria Police, Federal Inland Revenue Service (FIRS), Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) to address the unpatriotic practice, which is considered as an abuse and defacing of the legal tender.

As stated in the Central Bank of Nigeria Act 2007 (as amended), “spraying of, dancing or matching on the Naira notes, coins or any other note issued by the Bank” is punishable under the law by fines or imprisonment or both. The bank is urging Nigerians to respect the Naira, which is their legal tender and a symbol of national pride, and to handle it with care.

In an effort to curb the growing trend of unregistered persons swapping banknotes and the cases of people stocking and aggregating the newly introduced Naira banknotes, the CBN Governor, Mr. Godwin Emefiele, has directed deposit money banks (DMBs) to commence payment of the redesigned Naira notes over the counter, subject to a maximum daily payout limit of NGN 20,000.

The CBN has also observed the queues at Automated Teller Machines (ATMs) and is working to address the challenge. The bank is encouraging the public to embrace and adopt other payment channels for their transactions and is advising individuals to exercise patience as the CBN is committed to ensuring the effective distribution of the newly introduced Naira banknotes.

In conclusion, the CBN has warned that anyone who engages in the sale, abuse, or defacement of the Naira notes, whether at social functions or otherwise, shall face prosecution, fines, or imprisonment. The bank is urging Nigerians to respect the Naira and handle it with care.