- Commercial banks are complaining about a shortage in supply of the redesigned naira notes and are forced to pay consumers with old notes.
- Despite the complaints, massive wads of the new notes have flooded party venues around the country
- According to reports, a lady hawked the notes over the weekend, charging N200 to acquire N1000 of the new notes.
As the new naira notes went into circulation on Thursday, 15 December 2022, Nigerian banks are struggling to provide it in abundance as demands overshoot supply.
Checks show bank tellers mixed a few notes with the old ones for over-the-counter withdrawals while automated teller machines continued to dispense old banknotes.
Despite the shortage, the Tribune reports that large wads of the new notes have flooded party locations, with hawkers demanding N200 charge to sell N1,000 of the redesigned notes.
The report revealed that at a party in Ibadan, Oyo State on Saturday, a woman was seen freely hawking the newly redesigned wads of N200 bank notes unhindered.
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CBN warnings on new naira notes
On the eve of the circulation of the new banknotes spokesman of the Central Bank of Nigeria (CBN) Osita Nwanisiobi warned against hawking the new notes while reminding the penalty it could attract.
Legit.ng reported that Nwanisiobi also stressed that CBN will be working with law enforcement to enforce the law.
"It is against the law for any individual or establishment outside the Central Bank of Nigeria, to print money or be in possession of counterfeit notes. Sections 20 and 21 of the CBN Act of 2017 reveal some of the abuse that could land Nigerians in Jail.
“If you are caught and convicted of a counterfeiting crime, you may face up to five (5) years imprisonment with no option of fine (Section 20).
“It is against the law to spray the Naira banknotes at occasions. It is against the law to write on banknotes and against the law to staple the banknotes as the pins can cause corrosion of the banknotes.
“A person who tampers with the Naira note or coin is guilty of an offence, punishable by law (CBN Act Section 21) and it is against the law to reject the Naira (Section 20 subsection 5) ."
11 countries outside Africa Nigerians can travel to without visa
Traveling to Europe and other parts of the world has become very difficult for Nigerians.
However, there are many other countries that are still eager to welcome Nigerians.
Legit.ng provides a list of countries outside Africa Nigerians can travel without a visa or get a visa on arrival.