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

Published

3 years ago

December 18, 2022

Ireporteronline

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

Despite complaints that several bank branches had run out of the small quantities of newly redesigned naira notes allotted to them by their head offices as early as 12 noon on Thursday, the Sunday Tribune can authoritatively report that large wads of the new notes have saturated party venues, with hawkers charging N200 on N1,000.

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On Thursday and Friday, Sunday Tribune correspondents visited banking halls in several cities across the country, particularly Lagos and Abuja, and confirmed that there was a limited supply of the redesigned notes as bank tellers mixed a few notes with the old ones for over-the-counter withdrawals while automated teller machines continued to dispense old bank notes.

Further findings revealed that several bank branches were yet to get their new note allocations with many bank officials informing our correspondents that the new notes were still being expected.

On the other hand, at a party in Ibadan, Oyo State, on Saturday, a woman was seen freely hawking newly redesigned wads of N200 bank notes.

However, officials at some of the bank branches that still had the new notes told the Sunday Tribune that each cashier was given N100,000 of the new N1,000 for onward disbursement to customers seeking over-the-counter payments, and that they do not yet have the N500 and N200 denominations.

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

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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.

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“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).

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“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.

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“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.”

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