As many Nigerians continue to face cash squeeze the Central Bank of Nigeria has told deposit banks to pay their customers the new naira notes over the counter. Some banks are not paying the new notes or the old notes, thereby creating scarcity of currency. POS operators have cashed on the situation charging as much as N500 and N800 for any N5,000 cash withdrawal. The CBN director of corporate communications, Osita Nwanisobi said in a statement Thursday bank should pay customers the new naira notes to stop the suffering of Nigerians. “In line with this resolution, 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. “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.
He added that people who spray the naira in parties would be prosecuted. “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.’’

Share On Social Media