Abuse the Naira and Risk going to jail – CBN

Abuse the Naira and risk going to jail — CBN warns Nigerians.

The Central Bank of Nigeria (CBN) has said it is collaborating with the Nigeria Police and other law enforcement agencies to arrest and prosecute anyone found abusing the Naira.

See also: CBN To introduce Digital Currency Soon.

Disclosing this in a statement, Ag. Director, Corporate Communications, CBN, Osita Nwanisobi, said: “ 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”.

See Also: World Bank blames CBN for Nigeria’s FX Woes.

Accordingly, the Central Bank of Nigeria (CBN) is collaborating with the Nigeria Police, Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) to address the unpatriotic practice. We therefore warn 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. The Naira is our legal tender and symbol of national pride. Let us respect it and handle it with care.”