Fidelity bank banner Bayelsa State banner
Sell, spray, mutilate banknotes, go to Jail, CBN Warns Nigerians

By Jeremiah Oke, Ibadan on 16/07/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 498


The Central Bank of Nigeria (CBN) over the weekend in Ibadan assured economic agents such as the marketers, merchants, shopping malls, supermarkets of the bank's continuous injection of huge volumes of the banknotes into the circulation.

The development, according to the Acting Director, Currency Operations Department, CBN, Mrs. Priscilla Eleje was to ease difficulties being encountered by the traders and customers occasioned by the inadequate circulation of the lower denomination banks notes like N200, N100, N50, N20, N10 and N5.

Mrs. Eleje who was represented at the public sensitization and enlightenment campaign on CBN direct intervention on lower denomination banknotes at Alesinloye market by a Deputy Director of the bank, Mrs. Olufolake Ogundero added that the bank recognizes the important role markets play in economic transaction hence the need for ease accessibility of the lower denominations to carry out economic transactions.

She said the objectives of the CBN's intervention was principally to ease accessibility and consequently address the dearth of these denominations in circulation adding that the disbursement has commenced in Abuja and was being extended to Lagos, Kano, Enugu, Onitsha, Ibadan, Yola, Gombe, Katsina and Jos.

Eleje hinted: "it is criminal offence punishable by six months imprisonment or a fine of N50,000 or both to sell, spray or mutilate the banknotes. It is also a criminal offence which attracts five years imprisonment without an option of fine for anybody to counterfeit the naira. Naira is our pride as a country. So respect it."

The Ibadan Zonal Controller of the bank, Mr. Musibaudeen Olatinwo said since a large number of the businesses deal in Fast Moving Consumer Goods (FMCG) and service a huge part of the population, the CBN would henceforth supply the banknotes directly to the Joint Traders Association of Oyo state and major retail outlets to meet the high demand for the notes.

Olatinwo said the intervention was timely because of the experience where has been a scarcity of lower denominations in circulation due to hoarding and racketeering, saying "the CBN has tried to increase the supply of these notes only for it to be diverted from its expected users and sold in the open market.

The leader of the market women in the state, Mrs. Labake Lawal assured the CBN of the cooperation of her members, stressing that " we will comply strictly with the agreed guidelines and utilize the banknotes for the intended purpose."

Culled from Daily Trust

 

Source News Express

Posted 16/07/2018 05:14:29 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
U-20 AFCON: Nigeria whip Mauritania 5-0 to qualify...

Big Brother Naija winner Efe receives prize money,...

Venue crisis hits Nyako impeachment panel •Adamawa royal...

Trump writes African leaders

Ghana disqualifies 12 presidential candidates

Bayelsa Govt., APC trade blames over violence, death...

‘Team Obiano’ holds retreat, maps out strategies to...

Soldiers gun down 2 militants in Imo, raid...

Airtel commissions Model Express Showroom in Abuja

BREAKING NEWS: Trump sacks U.S. Secretary of State...

HURIWA demands probe of election tribunals, faults dominance...

Obiano flags off more roads, gives contractor 6-month...

 

Latest News Ebonyi to build International Airport Man kills sick brother to avoid paying medical bills INEC wants N6bn to feed policemen during 2019 polls Arewa youths back Saraki, caution Oshiomhole on utterances Why we suspended consular services in Abuja — U.S. Embassy Police capture 20 suspected Zamfra bandits, recover arms SERAP sues NYSC over failure to publish Kemi Adeosun’s ‘exemption certificate’ 25 students killed in bomb blast Reps, INEC meet over 2019 general elections FEC approves N15.73 billion road project in Enugu El-Rufa’i presents N155bn 2019 budget for Kaduna Fake news aggravated recent National Assembly crisis — Minister

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (377,131 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (366,294 views) Shameless Genevieve Nnaji exposes breasts in public (295,975 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (241,628 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (222,334 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (216,968 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (192,367 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (174,549 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (159,519 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (158,083 views) Lagos plane crash: Journalist releases victims’ names (152,538 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (142,901 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (56) Business & Economy (3,451) Business Verdict (48) Columnists (908) Complaints & Requests (95) Enterprise & Opportunities (207) Entertainment (527) Features (632) Global Business Monitor (294) International (2,268) Interview (161) Live Commentary (28) Love Matters (134) News (38,028) Opinion (1,057) Pidgin (11) Politics (6,045) Religion (816) Sports (1,645) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Liverpool Destroying West Ham 4-0 - Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement