CBN- Pay redesigned naira notes over the counter.

The Central Bank of Nigeria (CBN) has authorized deposit money banks (DMBs) to begin over-the-counter payment of the redesigned Naira notes, subject to a daily payout limit of N20,000.

The Governor, Mr. Godwin Emefiele, has directed deposit money banks (DMBs) to start paying out the redesigned Naira notes over the counter, with a daily payout limit of N20,000.

Osita Nwanisobi, Director of Corporate Communication, CBN, disclosed this in a statement, adding that the apex bank will work with the Nigeria Police, Federal Inland Revenue Service (FIRS), Economic and Financial Crimes Commission (EFCC), and Nigerian Financial Intelligence Unit (NFIU) to prosecute naira abusers and sellers.

“The Central Bank of Nigeria (CBN) has noted with extreme concern the actions of those who sell the newly redesigned banknotes as well as others who flagrantly abuse the legal tender by flinging wads of Naira notes in the air and stamping on the money at social occasions,” he stated.

“We have likewise noted the lineups at Automated Teller Machines (ATMs) around the country and a rising tendency in the situations of persons hoarding and aggregating the newly introduced banknotes they serially receive from ATMs for reasons best known to them. Concerning are reports of unregistered individuals and non-bank officials exchanging banknotes for members of the public on behalf of the CBN.

“We wish to say explicitly that, contrary to the habit of these disloyal individuals, it is illegal to sell the Naira, hurl (spray), or stamp on the money under any circumstances.

To avoid ambiguity, Section 21(3) of the Central Bank of Nigeria Act 2007 (as amended) states that “spraying, 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, imprisonment, or both.”