The Central bank of Nigeria has once again warned against the abuse of the naira as it says that abusers of the legal tender at social events risk imprisonment or imposition of a fine.
This is as the CBN, the police and others are set to arrest and prosecute abusers for mishandling and defacing the local currency.
The warning follows the activities of many individuals who flagrantly abuse the naira at social events such as weddings, parties, burials and so on.
This disclosure is contained in a statement titled, ‘CBN, Police, others to prosecute abusers on Naira’, issued on Tuesday by the CBN and signed by its acting Director, Corporate Communications, Osita Nwanisobi.
The CBN noted in the statement that according to the bank’s 2007 amended Act, ‘spraying of, dancing or matching on the Naira or any note issued by the Bank during social occasions or otherwise howsoever shall constitute an abuse and defacing of the Naira or such note and shall be punishable under the law by fines or imprisonment or both.
The CBN also warned that abusers of naira notes would be prosecuted by the financial regulator in collaboration with other regulatory bodies such as the Nigeria Police, Federal Inland Revenue Service, the Economic and Financial Crimes Commission and the Nigerian Financial Intelligence Unit.
What the CBN is saying in the statement
The statement from CBN partly reads, “The attention of the Central Bank of Nigeria has again been drawn to the activities of persons, who flagrantly abuse the legal tender by 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, hawk the currency at parties and reject the currency in some instances. It should be stated that, contrary to the practice of these unpatriotic persons, it is neither cultural nor moral, for people to disrespect the currency which citizens trade in.
‘’For the avoidance of doubt, Section 21(3) of the Central Bank of Nigeria Act 2007 (As amended) stipulates that ‘spraying of, dancing or matching on the Naira or any note issued by the bank during social occasions or otherwise howsoever shall constitute an abuse and defacing of the Naira or such note and shall be punishable under the law by fines or imprisonment or both.
“Accordingly, the Central Bank of Nigeria is collaborating with the Nigeria Police, Federal Inland Revenue Service, the Economic and Financial Crimes Commission and the Nigerian Financial Intelligence Unit to address the unpatriotic practice.”
The CBN, therefore, warned Nigerians, particularly those at social functions such as birthdays, weddings and funerals, to desist from disrespecting the Naira or risk being arrested by law enforcement agencies.
What you should know
- The CBN has for several years been at the forefront against the abuse of the naira warning the general public against the squeezing, spraying or general mishandling of the local currency.
- The apex bank said that the current CBN act which is still subsisting showed that it prescribes jailing offenders for up to 6 months and or a fine of N50,000 for anyone defacing or abusing the naira at social functions.
- Findings by our correspondent showed that the Act prescribed imprisonment for six months and or a N50,000 fine for anyone defacing or abusing the naira at social functions.
