CBN warns banks, consumers against currency abuse, assures of clean Naira notes

*The Central Bank of Nigeria warns any Deposit Money Banks and their officials caught aiding and abetting trading in banknotes will be slammed with N150 million fine without clemency

Isola Moses | ConsumerConnect

The Central Bank of Nigeria (CBN) again, has urged consumers of financial products and services to support the ongoing campaigns against hawking or selling of new Naira notes at parties, and other social gatherings in the country.

ConsumerConnect reports the CBN directed Nigerians to report any Deposit Money Banks (DMBs) and their officials involved in the despicable trading in new banknotes.

Dr. Olayemi Cardoso, Governor of CBN

Paul Onuoha, Head of Currency Operations and Branch Management at CBN, who stated this Thursday, August 14 at the “CBN Fair”, in Abeokuta, Ogun State capital, however, acknowledged that the illegal practice of hawking or sales of banknotes suggests an insider involvement in Nigeria.

The Bankers’ Bank stressed that hawkers or sellers would not be in the illegal banknotes trade, if there were no insider – suppliers from the deposit commercial banks in the economy.

The CBN urged the general public to be vigilant, and report any commercial banks and their officials supplying new Naira notes to sellers/hawkers to the CBN or security agencies.

Onuoha further warned any bank caught aiding and abetting banknotes trade would be slammed with N150 million fine without clemency.

If such illegality is as well traced to multiple branches of the same bank, the affected bank would pay N150 million to extent of number of its branches involved.

Speaking at the event, in Abeokuta, Mrs. Hakama Sidi Ali, Acting Director of CBN Corporate Communications Department at CBN, said emphasised

the Nigerian currency is an important national symbol, which must be handled with the utmost care by Nigerians.

Mrs. Ali restated that CBN would not allow anyone to spray, hawk, mutilate, or counterfeit the Naira.

The Acting Director of Corporate Communications also the banking sector regulator had renewed its commitment to ensuring availability of clean currency and Naira for consumers.

She, therefore, urged Nigerians to see the Naira as a critical symbol of national unity that should be respected and kept it clean always.

Ali stated: “The CBN will continue to ensure availability of clean currency.

“We, however, urge you to see the Naira as our critical symbol of national identity.

“Respect and keep it clean. Do not spray, hawk, mutilate or counterfeit the Naira.”

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