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Hawking Redesigned Naira Notes Punishable Act – CBN Director - LEADERSHIP

JANUARY 29, 2023

The Central Bank of Nigeria (CBN) has warned that hawking of the new naira notes is punishable under the law.

Reacting to reports of some persons hawking the notes in Delta a director at the CBN, Mr Sam Okejere, said trading in naira notes  contravenes Section 21 of the CBN Act,  2007 which is punishable under Section 21 Subsection 4 of the Act.

Some persons suspected to be Point of Sales (POS) operators or Shared Agents Network Expansion Facilities (SANEF) Agents have been hawking the redesigned naira notes at exorbitant prices in Delta State.

In spite of the law prohibiting the hawking of naira notes and coins, the perpetrators were seen freely doing their businesses around their POS shops and other places.

It was also observed that trading in the new naira notes was receiving patronage as customers thronged the banks, rushing to beat the January 31 deadline.

In spite of its scarcity in circulation, large wads of different denominations of the notes were seen at the shops of some POS operators for prospective buyers.

A check revealed that a bundle of N200 notes was going for N25,000;  N500 notes were being sold at N60,000 and N1,000 notes sold at N120,000 for exchange.

Mr Jude Okon, one of the cash hawkers noticed in lllah community, Oshimili North local government area, said they paid between N50,000 and N100,000 to obtain new N500,000 notes, depending on the denominations of the notes.

Okon declined to disclose the sources of the money.

Mrs Mary Eselemo, a resident of Ukwuani, Ukwuani patronised the hawkers, confirmed that she bought the new N20,000 of N1000 notes at N25,000.

She said she was forced to purchase the money at such price to enable her buy goods to stock her shop as traders no longer accept old naira notes.

“Traders in my community are rejecting the old notes and the money is not available at the banks. Even Central Bank officials on sensitization and monitoring do not give above N10,000 to one person. I have no option than to buy from cash hawkers,” she said.

Reacting to the development, DSP Bright Edafe, the Police Public Relations Officer, (PPRO), Delta State police command, assured that the police would swing into action against the crime.

“We are monitoring the situation, the law forbids it, we will prosecute the suspects once they are caught,” he said.


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