During a seminar held in Asaba, tagged Promoting Financial Stability and Economic Development, the Corporate Communication Department of the Central Bank of Nigeria (CBN), Isaac Okorafor has warned the general public to desist from hawking money.
Okorafor threatened that CBN would prosecute any commercial bank or any of its staff involved in money hawking.
Prior to this development, the CBN in 2015, placed a ban on street hawking of 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.
