
JUST IN: The Central Bank of Nigeria Has Warned Against The Abuse of The Naira
The Central Bank of Nigeria has warned against the abuse of the nation’s currency, the naira.
The country’s apex bank posited that anyone found spraying the naira at public events or stepping on it is liable to six months imprisonment or a fine of N50,000.
This was disclosed today in Abuja by the Principal Manager of the CBN Currency Operations Department, Ngozi Etim, who used the opportunity to announce that the bank was working with the Nigerian Police, the Federal Inland Revenue Service, the Economic and Financial Crimes Commission, and the Nigerian Financial Intelligence Unit to curb naira-abuse.
According to her, “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 a need to keep our naira well.”
In his remarks, the bank’s Director of Corporate Communication, Osita Nwanisobi, posited, “There have been cases where people mishandle the naira, deface it, or hawk it at parties. Contrary to the practice of these unpatriotic persons, it is neither cultural nor moral for people to disrespect the currency, which citizens trade-in.”
Section 21(3) of the CBN Act 2007 makes it a punishable offence for anyone to mishandle or deface the naira. The CBN said it will ensure that defaulters are made to face the wrath of the law.