In accordance with Section 20(5) of the Central Bank Act, refusing to accept the old naira notes carries a penalty of a fine of N50,000 or six months imprisonment. The act specifies that any person who contravenes this provision is guilty of an offence and shall be liable on conviction to the penalty specified.
The Nigerian Naira is the official currency of the Federal Republic of Nigeria, and it is recognized as a legal tender throughout the country. As such, every Nigerian has the right to transact business using the naira without fear of discrimination or refusal to accept payment in the currency.
The Central Bank of Nigeria is committed to ensuring the stability of the Nigerian currency and has put in place various policies and regulations to achieve this objective. The refusal to accept old naira notes is one such policy aimed at ensuring that only clean and fit notes are in circulation.
It is important to note that the old naira notes are still legal tender and remain valid means of payment until the Central Bank of Nigeria declares otherwise. The bank has given ample notice to the public about the introduction of new naira notes and the withdrawal of old ones.
As such, any individual or business that refuses to accept the old naira notes is committing an offence under the law, and they will face the prescribed penalty. Citizens are therefore encouraged to report any such violations to the police to ensure that the law is enforced and the stability of the Nigerian currency is maintained.
In conclusion, it is important for every Nigerian to be aware of their rights regarding the use of the naira as a means of payment. Refusing to accept old naira notes is a violation of the law, and the Central Bank of Nigeria will not hesitate to take action against any individual or business found to be engaging in this practice
No comments:
Post a Comment