BREAKING: CBN Releases New Regulations Regarding the New Naira Note

BREAKING: CBN Releases New Regulations Regarding the New Naira Note

On Thursday, the Central Bank of Nigeria (CBN) issued new directives to commercial banks on the exchange of old naira notes for new naira notes.

In a statement issued on Thursday, the top bank ordered commercial banks to begin issuing the newly designed naira notes to consumers over the counter.

The latest directive, according to CBN Governor Godwin Emefiele, is intended to ease the difficulties Nigerians are having accessing the new notes.

He added that the new guidelines will shorten lines at automated teller machines (ATMs) across the country.

The statement, which was signed by the Director of Corporate Communication, Osita Nwanisobi, reads,

“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.”

The statement quoted Section 21(4) 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.”

Nwanisobi said the CBN is collaborating with the Nigeria Police, the Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) to address the unpatriotic practice.

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He warned Nigerians, particularly those at social functions such as birthdays, weddings and funerals, to desist from disrespecting the naira or risk being arrested by law enforcement agencies.

He also admonishes members of the public to embrace and adopt other payment channels for their transactions.



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