CBN directs banks to pay N20k over the counter

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CBN says queues at ATMs will disappear soon
CBN Governor, Mr. Godwin Emefiele

 

Says queues at ATMs will disappear soon

 

Admin l Thursday, February 2, 2023

 

LAGOS, Nigeria – The Central Bank of Nigeria (CBN) said it 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 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”, Osita Nwanisobi Director, Corporate Communications in CBN said.

The apex bank stated 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.

“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.

Accordingly, the Central Bank of Nigeria (CBN) 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 the unpatriotic practice.

“We, therefore, 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”, he said.

While reiterating our commitment to Nigerians to ensure the effective distribution of the newly introduced Naira banknotes, the apex bank urge Nigerians to exercise  patience as the CBN is working assiduously to address the challenge of queues  at ATMs.

“In line with this resolve, 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”, he said.

The apex bank admonished members of the public to embrace and adopt other payment  channels for their transactions, adding that the Naira ‘is our legal tender and symbol of national pride. Therefore, let us  respect it and handle it with care’.

 

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