CBN: Abuse Naira and go to jail

Gradual phasing out of old naira notes continues – CBN

The Central Bank of Nigeria (CBN) yesterday warned that those abusing the naira were liable to go to jail.

The apex bank said the law banning the “spraying” and the stepping on the naira, especially at social gatherings, is still in force and that offenders are liable to six months’ imprisonment or a fine of N50,000.

Principal Manager, Currency Operations Department, Central Bank of Nigeria (CBN), Ms Ngozi Etim, said the apex bank was working with the police, the FIRS, the EFCC and the Nigerian Financial Intelligence Unit to curb the abuse.

Read:  Nigerian equities beat global stocks with N371b gain.

She condemned the “spraying” of money in public, adding that the envelope remained the best and acceptable means of extending goodwill at events.

“Money should not be squeezed but be put in envelopes. Oil should not be allowed to touch money; keep it neat like you keep your clothes.

“You do not dirty your clothes and you do not keep your clothes on the ground. So, there is need to keep our naira well,” she said.

She added that the CBN Act empowered it to arrest those who abused the naira.

Read:  Naira faces renewed pressure as FX hoarding increases

Etim stressed that the naira remains the pride of the nation and must be kept lean at all times.

News Agency of Nigeria (NAN) reported that Section 21(3) of the CBN Act 2007 provides that mishandling of the naira is a punishable offence.

Director, Corporate Communication, Central Bank of Nigeria (CBN), Mr Osita Nwanisobi, urged Nigerians to always treat the naira with care.

Nwanisobi condemned the idea of hurling wads of naira notes in the air and stamping on the currency at social functions.

“There have also been cases where people mishandle the naira, deface it, or hawk it at parties.

Read:  In 6 months, banks’ credit to economy rises by 22% to N27trn

“Contrary to the practice of these unpatriotic persons, it is neither cultural nor moral for people to disrespect the currency, which citizens trade in,” he stressed.

NAN reported that there have been videos of famous Nigerians, including politicians, subjecting the naira to abuse.

Naira notes have also become items of trade at garages and motor parks in different parts of the country, especially during festive periods.

The CBN has, however, declared that anybody caught abusing the naira would be punished.


Related posts

Nigeria’s daily oil production rises to 1.235 million barrels


Transcorp Plc announces 147 % leap in profit


Total explains transformation, name change


Eziaku emerges winner of UBA Foundation’s NEC 2021


CSCS declares N5.85 billion dividend in 2020


Fed Govt plans new green bond issuance for 2023


Leave a Comment