Since the release of Nigeria’s newly redesigned 200, 500, and 1000 Naira notes, it has been a hassle for residents of the country to get a hold of the new naira notes. There is a shortage of cash available as hoards of Nigerian residents are seen every day queuing up at ATMs for withdrawals. There have also been reports of individuals possessing new notes and selling them at ridiculously high amounts.
The Central Bank of Nigeria has promised Nigerians that they are not asleep on the matter and are taking measures to combat the issues. One of the ways they plan to do that is by prosecuting sellers and abusers of Naira.
In a press release on the 2nd of February, 2023, the CBM announced that it is unlawful to sell, spray, or stamp on the Naira. As such, anyone guilty of the above will be punished under the law. The CBN is joining hands with the Police and other agencies to put this law in place.
The CBN also assured Nigerians that they’re working tirelessly to ensure the reduction of queues at ATMs. The CBN Governor, Godwin Emiefele has also directed Deposit Money Banks (DMBs) to begin over-the-counter payments of the redesigned Naira notes.
CBN, Police, and other agencies to prosecute sellers and abusers of Naira. CBN assures that queues at the ATMs will disappear soon, direct over-the-counter payment of redesigned banknotes by DMBs…https://t.co/j3iTlHhirW pic.twitter.com/yXQaoJ4v6C
— Central Bank of Nigeria (@cenbank) February 2, 2023
