To educate the public, the Central Bank of Nigeria (CBN) has identified eight specific actions that constitute naira abuse, News About Nigeria reports.
This enlightenment was made on the CBN’s website as part of its Clean Notes Policy, which was put in place by the CBN to improve the physical appearance and durability of the banknotes in circulation.
According to the CBN, it is the sole authority responsible for the issuance of the Naira and kobo, as stipulated in Sections 17, 18, and 19 of the law.
Any individual or establishment outside the CBN found printing money or possessing counterfeit notes is liable to face up to five years imprisonment without the option of fine, as stated in Section 20.
The CBN stated that spraying banknotes at social events, writing on them, stapling them, tearing them, dancing or stamping on them, staining them with oil or ink, selling currency banknotes, and tampering with them constitutes the abuse of the naira.
According to the CBN, such actions not only deface the currency but also pose serious consequences for the economy and public health.
The CBN also outlined the consequences of improper handling of the naira.
The apex bank stated that improper handling of banknotes leads to increased currency management costs, slows down the sorting process, erodes citizens’ confidence in the currency, and presents a potential health hazard due to the circulation of dirty banknotes.
This public education is linked to the recent arrest and arraignment of public figures like Bobrisky and Cubana Chief Priest.
Last week, Bobrisky was sentenced to six months imprisonment without the option of a fine for abusing the naira.
Similarly, Cubana Chief Priest was arraigned before a Federal High Court in Lagos by the Economic and Financial Crimes Commission (EFCC) for similar charges.
After pleading not guilty, Cubana Chief Priest was granted bail in the sum of N10 million.
