Benin: Gérard Gbénonchi clarifies the sanctions related to the refusal of crumpled bills and smooth coins.
The Beninese legal arsenal is enriched by a major text aimed at clarifying daily transactions and restoring public trust in their currency. Speaking on the show La Matinale on e-Télé, the president of the Finance and Trade Commission of the National Assembly, Gérard Gbénonchi, provided in-depth insights into the new monetary law.
Passed by the deputies, this text is part of a community framework under the auspices of Uemoa, involving uniform and mandatory implementation across all eight member states of the union as soon as it is internalized by the national parliament.
The elected representative firmly reminded that currency constitutes a collective good and an instrument of exchange whose value is legally guaranteed by the monetary authorities. In this regard, the behavior of unjustifiably rejecting smooth coins or crumpled banknotes by merchants, transporters, or any other economic operator is now classified as a criminal offense.
This new law severely punishes such refusal practices that undermine public trust, exposing offenders to substantial fines ranging from 100,000 to 500,000 CFA francs.
To address the inconveniences related to worn-out currency, the parliamentarian highlighted that the text provides legal exchange mechanisms. Citizens in possession of heavily worn or damaged banknotes are encouraged to approach the counters of the Central Bank of West African States or partner commercial banks, which have been formally instructed to handle their replacement.
Beyond the refusal of circulating currency, the community law also intensifies the fight against counterfeiting, formally prohibiting the production of fake notes as well as any intentional alteration of the distinctive marks on coins and banknotes in circulation, in order to ensure the smoothness and security of the national economy.
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