L-R: CEO, Union Bank Plc., Emeka Emuwa; Director, Banking Supervision CBN, Amed Abdullahi; CEO, FSDH Merchant Bank, Hamda Ambah; CEO Access Bank Plc., Herbert Wigwe during a press conference after bankers committee meeting Thursday in Lagos

By Ngozi Onyeakusi

The Central Bank of Nigeria (CBN), and the Deposit Money Banks ( DMOs) have disclosed plans to deal with anyone found of guilty of abusing the Naira.

This, among others is the fallout of the bankers committee meeting held in Lagos.
Briefing the journalists at a press conference after the meeting, the Chief Executive Officers of the FSDH Merchant Bank, Hamda Ambah stated that soon the committee will set a mobile court for prosecution of those selling the Naira.
According to her, the banking sector will equally issue a communique in this regard.
” As my colleagues talked about the issue of financial inclusion, there was also the question of making sure that we educate the people that financial inclusion come with responsibilities. And we are going that way and we are educating the public regarding the handling of Naira. And we are going to issue a communique that will disseminate information on the correct way to handle the Naira. And part of things we actually found out which we will put a stop is the fact that people sell our currency”, she said.
On spreading of Naira at events, Amba stated that it had to stop adding that culture did not demand that rather the money should be put in an envelop for the purpose.
She further stated that there need to let people understand that such act was bad even as she pointed out that some were yet to know that.

Speaking on how to monitor the move across the country, the Director Corporate Communications CBN, Isaac Okoroafor said the banking sector was collaborating with ministry of justice and all other agencies of the government as well as the law enforcement agents.
“It is the duty of the law enforcement agents to catch offenders and take them to court. And we have been collaborating with the Nigeria Police on the issue of the Naira for a long time. And this collaboration will be intensified as we commence with this mobile courts. The Nigeria police is everywhere, so whether you in the village or in the city they are there, and their job is to catch anybody who abuses the Naira and send that person to jail.
We realize that it cost a lot money to print the Nigerian Naira notes, we also realize that CBN act 2007 is against any action by anybody, either by spraying, squeezing, dancing upon it, writing on it or hawking of it. The Act makes it an offense punishable by six months imprisonment or a fine of N50,000 or both”, he warned.

Also speaking at the meeting, the Director, Banking Supervision, CBN, Alhaji Amed Abdullahi noted that Committe looked into challenges the country was facing, though he said was not peculiar to Nigeria, but noted that the fact oil price was still strong was what was giving Nigeria confidence.
He called for collaborative effort to ensure the challenges were tackled in order to attract growth.
Similarly, the Chief Executive Officer of Access Bank Plc. Herbert Wigwe noted that as part of effort geared towards ensuring the growth of the real sector, the committee resolved that the that discretionary cash reserved which was built over time should be channelled to agriculture in a very impact fully manner.
He added that apart from agric, most of the money should be channelled to the manufacturing sector.