CBN Directs Banks To Commerce Over The Counter Payment

…..Engages Police, Others To Prosecute Abusers of Naira

The Central Bank of Nigeria (CBN) has directed the Deposit Money Banks (DMBz) to commence Over The Counter payment to customers in a bid to reduce the growing queues at Automated Teller Machines (ATM) across the country.

The CBN also said it is collaborating with the Nigeria Police, Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) to address hurling and stamping of the new currency at social events.

A statement signed by the Director, Corporate Communication Department, Mr. Osita Nwanisobi said it is unlawful to sell the Naira, hurl (spray), or stamp on the currency under any circumstance whatsoever.

Nwanisobi described the acts as unpatriotic and said it is punishable by the law and the Apex Bank will ensure that perpetrators are punished according to the law.

“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,” he said.

The statement further warn 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.

The CBN also reiterating its commitment to Nigerians to ensure the effective distribution of the newly introduced Naira banknotes, and urged them to exercise patience as the CBN is working assiduously to address the challenge of queues at ATMs.

The Apex bank said the Govenor, 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.

While urging Nigerians to adopt other payment channels for transactions, the bank tasked Nigerians on adequate respect for the naira

Leave a Reply

Your email address will not be published. Required fields are marked *