UBA ads

During a sensitization programme for market men and women, the Central Bank of Nigeria (CBN) warned against poor handling of naira notes. The CBN maintained that the law guiding the notes was still effective and violation of the laws would attract jail terms.

The Assistant Director, Currency Operation Department, CBN, Benedict Maduagwu who was among the CBN officials who educated traders in Ondo State, said anybody caught mishandling naira notes would be jailed for five years with an option of N50,000 fine.

Maduagwu added, “Government uses taxpayers’ money to print the naira notes; so, it is unfair for us to be handling poorly the notes. If you continue to spoil the naira notes, there will be no much money for the commercial banks to give out as loans to you customers and this will affect our economy.

“Do not squeeze the naira notes, do not write on the notes and do not put the notes under clothes because of bacterial infection to the body.”

Recall that the CBN had in 2017, warned Nigerians against abusing the Naira notes. Samuel Shuaibu, an official in the Currency Operation Department of the CBN had made this known in Calabar, Cross River State during the commencement of a ‘CBN Fair’ to sensitize residents in the state on the appropriate use of the Naira notes.


Shuaibu said that the abuse of the Naira was not in line with the CBN’s policy, adding that offenders would be arrested and prosecuted.

In July, 2018, the apex bank warned the general public to desist from hawking money. The Corporate Communication Department of the CBN, Isaac Okorafor threatened that CBN would prosecute any commercial bank or any of its staff involved in money hawking.

The CBN was established in 1958 and serves as the official banker to the Nigerian government. As part of its duties, it supervises the operations of financial institution in the country. Its functions also include ensuring monetary and price stability, issue legal tender currency, and maintain external reserves to safeguard the international value of the legal tender currency.

Standard chartered
Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.