Democracy Observer General of Nigeria, Chief Dr. Patrick Osagie Eholor has expressed his displeasure on behalf of Nigerians on the hoarding of naira notes by banks and the spraying of the Naira in Nigerian parties.
One Love Foundation through her legal practitioner has written a letter addressing the CBN Governor to Consider promotion of equality and rule of law with our sphere of operation presently around the Country.
The letter was written in respect of ' RE: NOTICE OF NUMEROUS BANKS HOARDING AND NOT DISPENSING NEWLY DESIGNED NAIRA NOTES AND SPRAYING OF NAIRA CASH IN NIGERIAN PARTIES AND THE NEED FOR CBN TO ACT ' That was issued on Dec.6.2022, through the CBN with a circular reference BSD/DIR/ PUB/LAB/015/069 as titled 'Naira Re design Policy -Reverse Cash withdrawal limit', which sets a new Weekly and Daily limit, to the amount of cash withdrawals allowed by individuals and Corporate over the Counter in the banking halls and via Automated Teller Machines(ATM) as well as Point of Sales (POS) Machine to be effective from Jan. 9. 2023.
However, we wish to inform you, with this Circular which was addressed to all Financial Institutions , that it's Dead on Arrival and we wish to inform your office that this has not been adhered to, by many banks in Nigeria. We here by implore the CBN, to ensure that the erring banks are sanctioned and reprimanded in this regard.
Moreover, Following the Statement in the Letter, which is to call our notice to the breach of agreement of Section 21(3) of the CBN Acts state that " for the avoidance of doubt, Spraying, Dancing or Stepping on the Naira notes during social occasions however constitute an abuse and defacing of the Naira notes shall be punishable under Sub Section (1).
We are by this letter enjoining the CBN to do all in order to stop the illegal practice of Spraying our Naira notes in Nigerian Parties as it's also an offense to hawk, sell or trade the Naira notes.
Eholor in an Interview further emphasised the Content of the letter that Nigeria needs reform, that most of the Financial Institutions break laws by Selling Naira note to the highest bidders. According to him ,This act encourages all the Negative and provocative activities in the Country.
He said there should be equality of Naira notes for free. He also refered to the Nigerian Police and Members of the Senate to execute the Law and bring them to justice.