x

CBN Threatens To Prosecute Those Selling New Naira Note

The Central Bank of Nigeria has threatened to prosecute anyone caught selling or abusing the new naira notes.

This was according to a statement on Thursday by the bank’s Director of Corporate Communications, Osita Nwanisobi.

In the statement, the CBN expressed concerns over the selling of the new notes, adding that it would work with security agencies to address the issue.

The statement read in part, “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.”

“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,” the bank said

It noted that Section 21(3) of the CBN 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.”

It added that 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.”

The bank said it is partnering with the Nigeria Police, Federal Inland Revenue Service, the Economic and Financial Crimes Commission and the Nigerian Financial Intelligence Unit to address the issue of the sale and abuse of new notes in the country.

Hot this week

Bandits Killings: S/Kaduna Kicks as Gov Sani Flags Off Makarfi Rural Roads

By Achadu Gabriel, Kaduna The flag-off of a rural road...

Gov Ododo Condemns Egbe Bandits’ Attack, Vows Justice for Fallen Heroes

By Noah Ocheni, Lokoja Kogi State Governor, Alhaji Ahmed Usman...

Breaking: FG Set to Integrate Organ Transplant Services Into NHIA

… To End Unethical Local Organ Transplantation Practices By Joyce...

Bayelsa APC Endorses Tinubu as Sole 2027 Presidential Candidate

By Amgbare Ekaunkumo, Yenagoa The All Progressives Congress (APC) in...

Pray for Peace, Development of Nigeria, Mahmoud Urges FCT Christian Pilgrims

By Joyce Remi-Babayeju FCT Minister of State, Dr. Mariya Mahmoud,...

Light Up Abuja Programme: Wike To Flag-Off Construction of New Roads, Light Projects

By Joyce Remi-Babayeju The Minister of Federal Capital Territory (FCT),...

Tinubu tasks Catholic Bishops on national peace and development

By Ogenyi Ogenyi, Uyo President Bola Tinubu has called on...

CSGGG Hails Rivers Sole Administrator’s Leadership

…Says Peace Brokered, Trust Restored…Lauds Transformative Governance, Credits Tinubu’s...

Tribune Abuja Bureau Chief, Dr. Leon Usigbe, Laid to Rest Amid Cries, Tributes

By Joyce Remi-Babayeju The late Tribune Abuja Bureau Chief, Chief...

Breaking: FG Set to Integrate Organ Transplant Services Into NHIA

… To End Unethical Local Organ Transplantation Practices By Joyce...

Atissa Youth Council Urges NDDC to Rescue Famgbe, Obogoro from Erosion

By Amgbare Ekaunkumo, Yenagoa Two historic communities in Bayelsa State,...

Sokoto-Badagry Superhighway to Boost Trade, Regional Integration

By Muhammad Ibrahim, Sokoto The Sokoto-Badagry Superhighway project, a major...

Related Articles

Popular Categories

spot_imgspot_img