Nigeria’s Central Bank Warns Against the Sale of New Naira Notes

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New Naira

The Central Bank of Nigeria (CBN) has threatened to prosecute anyone caught selling or abusing the new Naira notes.

In a statement released on Thursday, CBN’s Director of Corporate Communications, Osita Nwanisobi stated that it would work with security agencies to address the issue.

The country’s apex bank reiterated that it is unlawful to sell the naira, spray, or stamp on the currency under any circumstance whatsoever.

“The Central Bank of Nigeria 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,” the bank said.

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It emphasised that Section 21(3) of the CBN Act 2007 (As amended) stipulates that “spraying of, dancing or matching on (sic) 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.”

In the same vein, it quoted Section 21(4) of the act which 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.”

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CBN added that it is partnering agencies like the Nigeria Police, Federal Inland Revenue Service, the Economic and Financial Crimes Commission and the Nigerian Financial Intelligence Unit to address the unpatriotic practice.

It would be recalled that on Wednesday, Nigeria’s Independent Corrupt Practices and Other Related Offences Commission arrested an Abuja-based Twitter user, Oluwadarasimi Omoseyin, with the handle @SimisolaGold for offering new naira notes for sale on social media.

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