Experts back CBN over clampdown on currency hawkers

Financial experts have thrown their weight behind the Central Bank of Nigeria’s (CBN) resolve to go after street hawkers of the naira.

They opined that it was abuse of the country’s identity for anyone to be hawking the naira on the street, adding that CBN’s clampdown on those engaging in the act is the right way to go.

The CBN arising from the 323rd Bankers’ Committee meeting in Lagos on Friday said it will crackdown people hawking the naira on the streets.

Mrs. Mary Akpobome, Managing Director, Enterprise Bank Limited, who disclosed this during a press briefing on the outcome of Committee’s meeting,  said they have enlisted the help of security agencies to clampdown people buying or selling naira on the streets across the country.

She noted that it was demeaning to be hawking the country’s currency, adding that anybody apprehended doing this would be prosecuted in accordance with the law.

“Our currency is being hawked on the streets in different places across the country.

This is not possible in places like the United Kingdom and the United States.

We have informed the securities agencies about this and buyers and sellers caught in this act will face the wrath of the law,” the bank boss warned.

Dr. Uju Ogbunika, president, Bank Customers Association of Nigeria (BCAN) and former registrar, Chartered Institute of Bankers of Nigeria (CIBN) noted that hawking of Nigeria’s currency was inimical to the country’s economy and image.

“But I think the implementation of whatever decision the CBN takes in this regard is the most important thing.

How would it get people to stop this act of hawking of the naira? What are the measures it wants to take in terms to strategy in implementation? And what is going to differentiate what the CBN had done in the past and what it is going to do now? These are the questions that need  answers in order to checkmate this act,” he asserted.

He added that the apex bank has to revisit its directive on defacing of the naira, if it will succeed in stopping the sale of the country’s currency on the streets.

“We need an empowered way of passing the information across and making people to be obedient to all the decisions that the CBN may take in this regard.

Mr. Emma Nwosu , former Managing Director of the defunct ACB International, who also supported CBN’s move against hawkers of the naira, urged apex bank to be more concerned with those who deface the currency and spray it in parties.

According to him, if Nigerians are dissuaded from spraying naira notes in parties, those hawking the currency will have no business doing so.

He argued that currency hawkers are mostly patronized by people who spray money in parties.

Mr. Nwosu, however, stated that this should not be the major concern of the CBN; rather it should strive to stabilize the value of the naira.

“What I will object to is spraying money at parties. The CBN had actually come against that in the past.

“When you want to solve a problem, you must go to its root.

People should not be spraying money at parties. It is an archaic culture that must be done away with,” he opined.

Mr. Kolawole Balogun, acting Director, Banking Supervision, CBN said:

“We have seen good responses from the name and shame strategy of recovering delinquent facilities. This is not the end; there will be follow up actions in terms of market sanctions.