The Central Bank of Nigeria (CBN) has authorised commercial banks to begin issuing fresh naira notes over the counter to consumers.
According to a statement released on Thursday by the Bank’s Director of Corporate Communications, Osita Nwanisobi. He stated that it is part of efforts to alleviate the hardship of Nigerians who are having difficulty obtaining the new notes.
While acknowledging the problems Nigerians have had in obtaining money from Automated Teller Machines (ATMs), the top bank reaffirmed of its commitment to making the procedure easy.
It also stated that it is working with competent agencies to punish racketeers of the new naira notes.
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“In line with this resolve, the Governor, 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,” the statement added.
“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,” It forewarned.
“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.’”
