Redesigned naira notes: CBN begins operation to clampdown institutions and individuals trading the new naira notes

The Central Bank of Nigeria, CBN on Monday commenced operation to clampdown Point of Sale (POS) operators, bankers and business outfits trading on the New Naira notes which is contrary to the cash swap policy of the Federal Government.

The Director, Governor’s Department Central Bank of Nigeria, Mr. Joseph Omayuku, disclosed this during a press conference held at the premises of the CBN Yenagoa Branch on Monday.

Omayuku, while expressing displeasure over the activities of POS Operators in the country, noted that despite the apex bank injecting enough cash through the commercial banks and payment outlets there is still scarcity of the new naira notes and cash in circulation, describing the situation as abnormal.Residents in Bayelsa state decries the impact of the redesigned naira notes

The CBN Director also expressed with dismay  the activities of filling stations and other business centres which are reported to have started rejecting online payment for goods and services, noting that the development is unacceptable.

Mr. Joseph Omayuku, however warned POS Operators, bankers and all business outfits engaging in the unwholesome practices to desist from it or face the wrath of law, saying that hoarding or trading on the naira notes in any disguise is crime punishable by law.

 The Central Bank of Nigeria (CBN) in an effort to salvage the situation also provided a hotline which is 08000200200 to report any POS Operator, Banker or any business platform trading on the new naira notes for immediate arrest and prosecution.####

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