CBN BEGINS DISTRIBUTION OF REDESIGNED NAIRA NOTES, LIST PENALTIES FOR ABUSE

The Central Bank of Nigeria (CBN) has begun distributing new naira notes to its branches around the country.

The new currency will be delivered by the CBN to business branches across the country. According to Vanguard, the Director of Currency Operations, Bello Umar, made the announcement in Abuja.

Umar said: “From Thursday, (today), we will start distribution to CBN branches across the country. So that whenever we are set to launch, maybe at a later date, we already have the notes across the country.”

CBN Governor, Godwin Emefiele revealed that the new notes are expected to be in circulation before December 15, 2022, and will circulate side-by-side with the old notes until January 31, 2023, when the latter would cease to be legal tender.

The CBN also threatened to effect the law against Nigerians defacing or abusing the Naira

Nigerians are known to fold Naira or spray the currency into the air during parties, leading to people stamping their feet on it.

To dissuade the culture of defacing the notes in such a manner, Section 21 of the CBN Act 2007 was constituted to protect Naira.

Persons caught mutilating or defacing the notes will be made to pay a fine of N50,000 or face a jail term of six months.

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