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Cash sprayers risk prosecution

22 April 2014, 13:17

Asaba - The Central Bank of Nigeria (CBN) has warned that it would soon take punitive action against individuals who spray cash at social functions.

The apex bank said the law against spraying of cash at functions was still effective and that it would not hesitate to prosecute individual who continue to indulge in the practice.

Speaking at an enlightenment function in Asaba, Delta State, CBN Director, Branch Operations,Tope Omade said the practice was responsible for the scarcity of new bank notes in the country.

She said banks now engaged in the practice of selling new notes to individual who then take them to parties to spray as a show of affluence.

Omade warned that the CBN will beam its search light on commercial banks and other allied banks as well as officials of such banks who are involved in the illegal practices.

“No bank should henceforth pay customers with unfit and mutilated notes.

Plans are on to ensure that strict sanctions were meted out on commercial banks that are still dispensing bad, unfit and mutilated currency notes to the public.

We have the serial numbers of all the mint notes in circulation and we are going to make sure that we trace those banks and their officials who are still involved in the shoddy deals of selling those mints to black marketers,” she said.

 – CAJ News

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