November 27, 2021

CBN Warns, Abuse Naira Notes, Go To Jail

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Godwin-Emefiele
Mr. Godwin Emefiele, CBN Governor

A six months jail term awaits anyone caught in the act of “soiling, writing on or squeezing” the Naira notes, the Central Bank of Nigeria (CBN) warned on Friday.

Mr. Samuel Shuaibu, an official in the Currency Operation Department of the CBN, said persons caught in the act would either go to jail or pay N50, 000 as fine if found guilty.

Shuaibu, at the ongoing ‘CBN Fair’ in Calabar, Cross River State, said the apex bank would not hesitate to prosecute persons found abusing the Naira notes.

The official said the CBN organised the fair so as to sensitise residents of the state on the proper use of the notes.

“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,” Shuaibu said at the fair themed “Promoting Financial Stability and Economic Development”.

“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,” said the CBN official.

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