CBN Begins Distribution of New Naira Notes, List Penalties for Abuse

CBN Begins Distribution of New Naira Notes, List Penalties for Abuse

  • The Central bank of Nigeria has kicked off the distribution of the new naira notes for the general public
  • The new naira notes will be legal tender with the old notes for the next 64 days ending January 31st
  • Meanwhile, the CBN has reminded Nigerians of some of the penalties for abusing the Naira

The Central Bank of Nigeria (CBN) has begun distributing new naira notes to its branches around the country.

The new currency will be delivered by the CBN to business branches across the country.

According to Vanguard, the Director of Currency Operations, Bello Umar, made the announcement in Abuja.

CBN new naira notes banks
New naira notes was unveiled in Abuja on Wednesday Photo credit: @presidency
Source: Facebook

He said:

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“From Thursday, that is tomorrow (today), we will start distribution to CBN branches across the country. So that whenever we are set to launch, maybe at a later date, we already have the notes across the country.”

When will Nigerians begin to use new naira notes

The new notes are expected to be in circulation before December 15, 2022, and will circulate side-by-side with the old notes until January 31, 2023, when the latter would cease to be legal tender.

CBN Governor, Godwin Emefiele revealed this at the unveiling of the new notes.

Penalties for naira abuse

The Central Bank of Nigeria has again threatened to effect the law against Nigerians defacing or abusing the Naira.

Nigerians are known to fold Naira or spray the currency into the air during parties, leading to people stamping their feet on it.

To dissuade the culture of defacing the notes in such a manner, Section 21 of the CBN Act 2007 was constituted to protect Naira.

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Persons caught mutilating or defacing the notes will be made to pay a fine of N50,000 or face a jail term of six months.

What CBN law says for selling Naira

According to the CBN 2007 act, there are penalties for selling new Naira notes.

Part of the CBN act reads:

"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.
"With or trading in issued by the Bank is guilty of an offence and shall on notes and coins imprisonment for a term, not less than six months or to a fine, not less than N50,000 or to both such fine and imprisonment."

Nigerian banks announce new working days, closing time

Meanwhile, Nigerian banks have announced changes to their operating hours in order to assist Nigerians holding soon-to-expire Naira currencies

Read also

Naira redesign: CBN receives N165 billion old notes, begins circulation of new ones

The banks have already announced that they have delivered notifications of their working hours via their social media channels and customers' emails

Details of the contents of their emails and changes were captured by Legit.ng.

Source: Legit.ng

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