Story written by Akpakpan
The Central Bank Of Nigeria(CBN) has charged or warned that hawking of the new naira notes is punishable under the law.
Reacting to the reports of some unscrupulous elements hawking the notes in Bauchi,the CBN Official Mr Jibrin said trading naira notes contravenes section 21 of the CBN act,2007 which punishable under section 21 subsection 4 of the act
Some persons suspected to be point of sales(POS) Operators shared agents network expansion facilities(SANEF),Agents have been reportedly hawking the redesigned new naira notes at the exorbitant prices across the state.
In spite of the law prohibiting the hawking of new naira notes in the country.
It was equally gathered that trading in of new naira notes was receiving patronage as customers thronged the banks,rushing to beat the January 31st deadline.
A cross check revealed that a bundle of N200 notes was going for N25,000;N500 notes were being sold at N60,000 and N1000 notes sold at N120,000 for exchange.
Traders across the state,some have closed down businesses for fear of uncertainty on deadline extension or not and majority of those traders have been rejecting the old notes including filling stations and the money is not so sufficient in the volume of supply in banks across state.
Reacting to the development,the financial expert,Dr Ahmad Abubakar,urged all the relevant stakeholders to continue in monitoring the situation,since the law forbids it,and all perpetrators should be brought to book to face the full wrath of the law,once they have been caught,the statement added
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