- Nigerians have been through a hazardous week because of the scarcity of the new naira notes introduced this year. People have resorted to buying the naira with the same currency from Point-of-sales operatives, who have turned this scarcity of cash into a lucrative business.
The CBN has noticed all this hardship and has now instructed commercial banks to issue the newly redesigned notes to bank customers over the counter. This new pay-out rule has a daily limit of N20,000 per customer.
The CBN has noticed and acknowledged the difficulties faced by Nigerians who have to spend hours on long queues to collect the new naira notes that are in very short supply.
In an attempt to make the process more seamless, the CBN has promised to prosecute the people who engage in fraudulent activities like selling naira to desperate Nigerians.
Regarding the people who are accumulating the newly introduced banknotes, the CBN is working with relevant agencies to persecute those found guilty.
The CBN says that it is illegal to sell the naira as well as hurl, spray, match, or stamp the currency under any circumstance. Those found guilty of these crimes will be punished by fines, imprisonment, or both.
It seems like the CBN is serious about the no-spraying policy of the new naira notes as the Central Bank of Nigeria Act 2007 states that spraying, dancing, or matching on the naira or any note issued by the bank during social occasions or otherwise shall constitute abuse and defacing of the naira.