CBN Promises To Arrest and Prosecute Nigerians Selling New Naira Notes, Lists Targeted Events To Monitor

CBN Promises To Arrest and Prosecute Nigerians Selling New Naira Notes, Lists Targeted Events To Monitor

  • Nigerians who sell Naira notes on the streets, at weddings, and at other events are to face harsh penalties from the CBN and security agencies
  • A businesswoman has already been arrested and she is expected to face prosecution in court
  • The new naira notes have been extremely scarce, leaving many Nigerians at the mercy of street hawkers

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The Central Bank of Nigeria has promised to work alongside other security agencies in arresting Nigerians selling new Naira notes.

Already the Independent Corrupt Practices and Other Related Offences Commission (ICPC) has announced the arrest of a lady who was selling new notes via social media.

The CBN, in a circular published on its website on Thursday, February 2, 2023, and signed by Osita Nwanisobi the director of Corporate Communications, promised that arrests will intensify.

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CBN to arrest nigerians new naira
CBN to arrest Nigerians selling new naira notes Photo credit:@cbn
Source: Getty Images

Part of the circular reads:

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“We have equally noticed the queues at Automated Teller Machines (ATMs) across the country and an upward trend in the cases of people stocking and aggregating the newly introduced banknotes they serially obtain from ATMs for reasons best known to them.
“Also worrisome are the reported cases of unregistered persons and non-bank officials swapping banknotes for members of the public, purportedly on behalf of the CBN.
“Accordingly, the Central Bank of Nigeria (CBN) is collaborating with the Nigeria Police, Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) to address the unpatriotic practice.

CBN lists events to target

CBN has listed various event centers as target points for new naira notes sales.

CBN said:

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“We, therefore, warn Nigerians, particularly those at social functions such as birthdays, weddings, and funerals, to desist from disrespecting the Naira or risk being arrested by law enforcement agencies”

CBN also asked Nigerians to treat the new naira notes with respect.

"The Naira is our legal tender and symbol of national pride. Therefore, let us respect it and handle it with care.”

POS operators adjust prices

Meanwhile, PoS operators all over the country have adjusted their charges for cash withdrawals. spoke to some POS operators around the Lagos metropolis and they all confirmed an increase in charges.

Nigerians are expected to return their old naira notes before the deadline of February 10, 2023, according to the Central Bank of Nigeria


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