Currency Swap : CBN, Police, Other Agencies To Prosecute Sellers, Abusers Of Naira

The Central Bank of Nigeria,CBN, says it is collaborating with the Nigeria Police and other agencies to prosecute those selling and abusing the naira.

Therefore, 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 to arrest those involved in these acts”.

The CBN’s Director, Corporate Communications, Osita Nwanisobi, stated this in a statement made available to newsmen in Abuja.

According to him,the CBN Governor, Godwin Emefiele, assures the general public that the long queues at ATMs will soon disappear and directs all deposit banks to begin over the counter payment of the redesigned banknotes of a maximum daily payout limit of twenty thousand naira only.

“The Central Bank of Nigeria has also observed, with concern, the
activities of persons, who sell the newly redesigned banknotes and those who
abuse the legal tender by hurling wads of Naira notes in the air and stamping on the currency at social functions.

” 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.

“CBN wishes to inform the general public 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.

“Accordingly, 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 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.

“Therefore, 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 to arrest those involved in these acts.

“CBN further warns 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 its commitment to Nigerians to ensure the effective
distribution of the newly introduced Naira banknotes, CBN urges the general public to exercise patience as it is working assiduously to address the challenge of the shortage of the redesigned naira notes across the country,”he said.

The Director encouraged members of the public to embrace and adopt other payment channels for their transactions while calling for respect and care in handling the Naira, which is Nigeria’s legal tender and national pride.
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