Home Business CBN goes tough on banknotes handling
Business - July 16, 2018

CBN goes tough on banknotes handling

12 arrested for selling new Naira notes to party goers
Naira rain in a Lagos party.

The Central Bank of Nigeria (CBN) has taken a stance the shoddy way the country’s banknotes is being handled.

The apex bank though assured economic agents such as the marketers, merchants, shopping malls, supermarkets of the bank’s continuous injection of huge volumes of the banknotes into the circulation.

The development, according to the Acting Director, Currency Operations Department, CBN, Mrs. Priscilla Eleje was to ease difficulties being encountered by the traders and customers occasioned by the inadequate circulation of the lower denomination banks notes like N200, N100, N50, N20, N10 and N5.

Mrs. Eleje was represented at a public sensitization and enlightenment campaign on CBN direct intervention on lower denomination banknotes at Alesinloye market, Ibadan by a Deputy Director of the bank, Mrs. Olufolake Ogundero

Eleje hinted: “it is criminal offence punishable by six months imprisonment or a fine of N50,000 or both to sell, spray or mutilate the banknotes. It is also a criminal offence which attracts five years imprisonment without an option of fine for anybody to counterfeit the naira. Naira is our pride as a country. So respect it.”

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