The Central Bank of Nigeria on Friday says Nigerians caught abusing naira notes will face the full wrath of the law henceforth.
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Spraying of naira, hawking and mutilation it are punishable under section 21, subsection 1-5 of the CBN Act of 2007. The penalties include a fine of N50,000 or six months in imprisonment or both.
An official of the apex bank, Mr. Samuel Shuaibu, disclosed that all was set for the enforcement of the law.
Shuaibu who works in CBN’s Currency Operation Department made this known at the ongoing fair organised by the bank in Calabar, Cross Rivers State, themed “Promoting Financial Stability and Economic Development.”
The fair was aimed at sensitising residents of the state on the appropriate use of the naira. online transfer system, how to identify fake currency notes, how to approach the CBN for complaints amongst others.
The official noted with concern the large-scale abuse of naira saying Nigerians disrespected naira but had high respect for hard currencies. He said it was high time the abuse was checked through enforcement of law.
According to him, “The naira has suffered abuse from a majority of Nigerians. Today, we find some people spraying the naira in occasions, soiling it, writing on it, squeezing it while others are hawking it.
“The CBN spent a lot of money in the printing of this naira notes. We urge Nigerians to respect the naira and value it. Anyone caught abusing the naira will risk a jail term of six months or pay a fine of N50, 000.”