Naira Abusers Risk Six Months in Jail- CBN

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The Central bank of Nigeria has warned that abusers of the Naira at social events risk imprisonment or an imposition of fine.

The apex bank noted in a statement issued on Tuesday 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 statement, which was signed by the Acting Director, Corporate Communication, Osita Nwanisobi, was titled ‘CBN, police, others to prosecute abusers of Naira’.

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.

The statement read in part, “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.”


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