The Central Bank of Nigeria has released a warning to all commercial banks and Deposit money banks to stop rejecting dirty money or mutilated notes.
This order stems from the numerous reports by customers concerning banks who refuse to collect dirty or mutilated currency which is a great damage to the economy.
On 28, June, 2024, a circular was released and signed by Solaja Olayemi who is currently the acting director of the currency operations department. This order goes in line with the July, 2 circular against the damage of dirty or mutilated currency. The penalty for the 2019 directives for banks that rejects Naria notes is crucial.
“The Central Bank of Nigeria shall not hesitate to apply strict sanctions on DMBs who are reported to have rejected deposits of Naira banknotes from the public, under any guise,” the circular stated.
The issue of mutilated banknotes has long been a concern in Nigeria, amid efforts to ensure that notes are better handled by the public.
The issue of mutilated narianote has also been an issue in Nigeria and to resolve the issue the section 21 of the CBN Act specifically restricts the abuse of the Nigeria currency also stating the penalty for that offenders which will include a fine and also temporary imprisonment.
“Section 21 (1) – (3) of the CBN Act, a person who tampers with a coin or note issued by the Bank is guilty of an offence and shall on conviction be liable to imprisonment for a term not less than six months or to a fine not less than N50,000 or to both such fine and imprisonment”.
“A coin or note shall be deemed to have been tampered with if the coin or note has been impaired, diminished or lightened otherwise than by fair wear and tear or has been defaced by stumping, engraving, mutilating, piercing, stapling, writing, tearing, soiling, squeezing or any other form of deliberate and willful abuse whether the coin or note has or has not been thereby diminished or lightened.
“For the avoidance of doubt, spraying of, dancing or matching on the Naira or any note issued by the Bank during social occasions or otherwise howsoever shall constitute an abuse and defacing of the Naira or such note and shall be punishable under Sub-section (1) of this section.”
Currently, the Economic Financial Crime Commission has also taken it upon themselves to enforce this ordeal by the Central Bank of Nigeria by arresting and prosecuting individual who mishandled the narianote
Example of those who have been arrested include Nollywood actress Oluwadarasimi Omoseyin, popular crossdresser Bobrisky, and socialite Cubana Chief Priest.
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