[BREAKING] CBN yields to pressure, instructs banks to begin over-the-counter payment of New Naira Notes
The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) to begin over-the-counter payment of the new naira notes to their customers.
According to a statement from CBN signed by its director of Communications, Osita Nwanisiobi, and obtained by Newsclick Nigeria Media on Thursday, February 2, 2023, it stated that the current queues at ATMs points will be eliminated soon.
The bank said it will partner with security operatives to prosecute sellers and abusers of the new naira notes.
CBN said: “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. READ ALSO CBN naira policy: Banks to accept old notes after deadline? Emefiele gives update
“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.”
Read full statement below:
CBN Press Release – February 2 2023