CBN Warns Abusers Of New Naira Notes

The Central Bank of Nigeria (CBN) has issued a warning that those who abuse naira notes will be prosecuted.

This is due to the activities of individuals who sell the newly redesigned banknotes and flagrantly abuse the legal tender by throwing wads of naira notes in the air or stamping on the currency at social functions.

CBN is working with other regulatory bodies such as the Nigeria Police Force, Federal Inland Revenue Service, the Economic and Financial Crimes Commission and the Nigerian Financial Intelligence Unit to address the problem.

The governor of CBN has directed deposit money banks to commence payment of the redesigned notes over the counter, subject to a daily payout limit of NGN 20,000.

The public is encouraged to adopt other payment channels and respect the naira as a symbol of national pride.