The Central Bank of Nigeria (CBN) has declared that it will henceforth prosecute any commercial bank or any of its staff caught engaging in money hawking.
The apex bank Corporate Communication Department Acting Head, Isaac Okorafor, stated this during a seminar held in Asaba, tagged Promoting Financial Stability and Economic Development.
Prior to this development, the CBN in 2015 placed a ban on street hawking on Naira or foreign currencies. In a directive contained in a guideline for operators of Bureau De Change (BDC), the CBN also outlaws having any business dealings with the illegal operations popularly known as ‘black market’.
In 2017, CBN warned Nigerians against abusing the naira notes. CBN maintained that the abuse of the note was against the CBN’s policy, adding that offenders would be arrested and prosecuted.
Sections 20 and 21 of the CBN Act 2007 empower the apex bank to arrest and prosecute anyone who mutilates the Naira. Section 21 of the Act further states that a Naira note would have been deemed mutilated if it has been amended in any manner. The Act specifically mentions that spraying and stepping on the notes as offences.