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CBN Issues Warning Against Naira Abusers Risks Six Months In Jail

 

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

This was contained in a statement issued on Tuesday by the Acting Director, Corporate Communication, Osita Nwanisobi, titled ‘CBN, police, others to prosecute abusers of Naira’.

The CBN noted 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 further 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.

“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.

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