Hawkers Sell New Naira Notes At Parties, Charge N200 on N1,000

Customers were also seen depositing old bills over the counter, while cashiers at bank branches were handing out more old naira notes.

However, there have been viral videos of market women dismissing the newly redesigned naira notes as “yahoo money.”

Although the Sunday Tribune was unable to reach the Central Bank of Nigeria’s (CBN) spokesman, Mr Osita Nwanisiobi, on Saturday, the apex bank had previously clarified on its website under currency management that it is illegal to sell currency banknotes.

“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) « the CBN stated on its website.”