The egregious handling of naira notes by some users is one of the reasons for the large stack of mutilated or dirty currencies in circulation. In the light of this conduct, the Central Bank of Nigeria (CBN) recently announced the plan to arrest and arraign before mobile courts, currency hawkers, those who spray naira notes at parties and people who habitually deface the national currency. But given the level of the abuse and how prevalent these practices have become in recent times, it would take more than a tepid statement to curb the habit of hawking the national currency.


Sections 20 and 21 of the CBN Act of 2017 outlaw any action by anyone who hawks, sprays, squeezes, dances on or writes on the naira. Culprits convicted by the mobile courts deployed nationwide to enforce the law risk a jail term of about six months or a fine of N50,000. Indeed, the apex bank deserves kudos for trying to curb this illogical behaviour and ensuring that the nation’s currency earns some respect. Under no circumstance should the naira be squeezed, scribbled on or marched on by revellers at public gigs during spraying spree.

The CBN has had to explain the implications of some of the sordid acts. “We spend a lot of money printing these bank notes. If we print a N500 and issue it to you on Friday, on a Saturday you might probably take it to a wedding for spraying. They go to churches, squeeze it and put it in offering and by Monday, it is already old and mutilated. We spend hundreds of billions of naira to print these notes. It is so unfortunate,’’ CBN Director of Corporate Communications, Mr Isaac Okorafor lamented.

The wanton mutilation and careless handling of naira notes is indeed a serious infraction with enormous cost to the country. Currency notes that are poorly handled get defaced and as people do not like worn out money, they reject them. Money which government can use for other projects is then used to print new notes to replace the defaced ones. But we have our doubts and are indeed concerned as to whether the CBN will able to enforce the directive which is not exactly a brand new one.

Given the volume of worn out currency in circulation, CBN should not hesitate to sanction Money Deposit Banks (MDBs) across the country for recirculating dirty naira notes, when their obligation is to sort the money, mop them and return them to the CBN vault. In case many people are not aware, filthy notes in circulation predispose people to many health risks, including upper and lower respiratory tract infections, conjunctivitis, protozoa infections and allergies because such currencies can carry germs that make people feel unwell due to handling. This is unacceptable in a country where the health indices are among the worst in the world.

There is therefore the need for CBN to upscale its public awareness campaign because the mass of our people, particularly the taxi drivers, meat sellers, market women and street beggars still need reorientation on the use of wallet and how to properly arrange money. The way we handle money is the reason why we have dirty notes in circulation. Some people are fond of squeezing brand new money when given and they need to change such attitude. CBN also needs to clamp down on people in the business of hawking used currency in exchange for new ones for little profit to be sprayed at ceremonies. This business cannot thrive without the connivance of some commercial bank workers. The sources of the supply of such money should be blocked and workers engaged in the practice arrested.

The central bank should enforce its own laws

https://www.akelicious.net/2018/11/cbn-and-currency-hawkers.html

Ok

But why aren't they printing N100 naira ?

hmmm
please we need more of the #100 in circulation.

Na hustle Dem dey hustle. I too like those guys. I buy 400 naira for 500 since Nigerians prefer new 10naira to old 1k.

OK

Nice

Really

Sections 20 and 21 of the CBN Act of 2017 outlaw any action by anyone who hawks, sprays, squeezes, dances on or writes on the naira. Culprits convicted by the mobile courts deployed nationwide to enforce the law risk a jail term of about six months or a fine of N50,000. Indeed, the apex bank deserves kudos for trying to curb this illogical behaviour and ensuring that the nation’s currency earns some respect. Under no circumstance should the naira be squeezed, scribbled on or marched on by revellers at public gigs during spraying spree.


EFCC should implement/enforce this law.

Na 2day wey yansh don dey 4 bak

we should start making use of our coins and kobo notes while we scrap 1k, N500 and even N200 notes.. this high denomination notes devalues our currency and sets a limit where it can appreciate to

why doesn't the government address this issue? instead they are looking at introducing 5k notes, what a shame, no good schools so the ordinary citizen hardly see how they are being outrightly cheated

frankmoney:
But why aren't they printing N100 naira ?

From what I heard, don't know how true, but it think the information has some good validation, it has to do with the Muslim folks in power, they claimed Jonathan didn't include the Arabic inscription on the new 100 nairn note, so when Buhari came on board, they used his position to stop production till the issue is addressed by him( who knows when he will attend to that when He has 2019 and other personal issues to deal with), if you check no 100 naira note was printed after 2015 when Jonathan left office.

krushdripper:
we should start making use of our coins and kobo notes while we scrap 1k, N500 and even N200 notes.. this high denomination notes devalues our currency and sets a limit where it can appreciate to

why doesn't the government address this issue? instead they are looking at introducing 5k notes, what a shame, no good schools so the ordinary citizen hardly see how they are being outrightly cheated

Bro if you know the conspiracy going on this country, you will be amazed, Ghana did redenomination of currency, see where their currency is today, from my observation, the reason why Our government is refusing to do same is because a lot of them have billions of naira stored in vaults( either in their homes, offices, fridge and so on), some have so stolen money from government, that they don't even know the locations where they went to hide it as at the time of loot, it is that bad, so redonomination will have all those monies invalidated, not only that but also expose a lot of stolen funds, because you must bring your money to the bank to change it, why do you think Soludo was stopped by the government when he tried to do it as cbn governor, do you think they don't know that's the right thing to do, they've always known, so Bro I only pity the youths who keep fighting for this people.

Why can we implement law on handling of naira notes?I have seen how many women mishandling naira notes.

Wallets should be mandatory for everyone

I hope this post appeals to the party lovers who wants to show how rich they are

currency trading is an old trafe in nigeria, if you want mint you ve got to pay exra even in the banks, bank tellers and managers insist on getting tipped to dispense mint notes.

i think its because we worship mint notes, you want to catch a lady who is forming hard to get give her some mint notes, even if it just 100 naira notes she will drop her guard, open her mouth, arms and legs for you on the spot.

we need a new orientation, mint notes are our right not a favor, the bankers including cbn needs to change their mentality on mint notes.

For the CBN to resolve this problem, it must think outside the box.

A problem may the worthlessness of the notes it. The countries highest denomination, the N1,000 note is worth barely £2. There's urgent need for a 2,000 and 5,000 naira note.

There's also an urgent need for the use of coinage.

It will be prudent for all notes up to 200 be made into coins. Coins last very long and can't be mutilated.

Only problem is that Nigerians are coin adverse. A generation of people now exist that never used coins.

CBN and politics .

There's no reason why Unity can still be standing when the likes of Oceanic and Intercontinental were deliberately forced to go down, all thanks to SANUSI and tribalism

What is currency hawking?

The only way out is to go 70% cashless!

We make too much noise about these things. If they are really serious, by the time undercover cops arrest people at about 20 high profile weddings, people will get the gist and stop.

Funny enough though, many big men have police escorts at these society weddings where they spray money, so.....!!!

Brendaniel:

From what I heard, don't know how true, but it think the information has some good validation, it has to do with the Muslim folks in power, they claimed Jonathan didn't include the Arabic inscription on the new 100 nairn note, so when Buhari came on board, they used his position to stop production till the issue is addressed by him( who knows when he will attend to that when He has 2019 and other personal issues to deal with), if you check no 100 naira note was printed after 2015 when Jonathan left office.




Bro if you know the conspiracy going on this country, you will be amazed, Ghana did redenomination of currency, see where their currency is today, from my observation, the reason why Our government is refusing to do same is because a lot of them have billions of naira stored in vaults( either in their homes, offices, fridge and so on), some have so stolen money from government, that they don't even know the locations where they went to hide it as at the time of loot, it is that bad, so redonomination will have all those monies invalidated, not only that but also expose a lot of stolen funds, because you must bring your money to the bank to change it, why do you think Soludo was stopped by the government when he tried to do it as cbn governor, do you think they don't know that's the right thing to do, they've always known, so Bro I only pity the youths who keep fighting for this people.

there is no Arabic inscription on 50 naira , 20 ,10 or 5 naira

frankmoney:
But why aren't they printing N100 naira ?

Because GEJ removed the Arabic sign on the N100 note

kennsville:

Because GEJ removed the Arabic sign on the N100 note

but there is no Arabic sign on 50 ,20,10,5 naira