CBN, Police, Others To Prosecute Naira Abusers

The Central Bank of Nigeria has warned that abusers of naira
notes will be prosecuted by the financial regulator in
collaboration with other regulatory bodies such as the Nigeria
Police Force, Federal Inland Revenue Service, the Economic and
Financial Crimes Commission and the Nigerian Financial Intelligence
Unit.

The warning, according to the CBN, was necessitated by the
activities of some people who flagrantly abuse the legal tender at
social functions.

According to the apex bank, mishandling, defacing and hawking
naira notes at social events are in violation of Section 21(3) of
the Central Bank of Nigeria Act 2007 (As amended)

The bank disclosed this in a statement issued on Tuesday by the
acting Director, Corporate Communication, Osita Nwanisobi, titled
“CBN, Police others to prosecute abusers of Naira.”

It 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
abuse, and defacing of the naira or such note 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.

“The naira is our legal tender and symbol of national pride. Let
us respect it and handle it with care,” the statement added.

The Central Bank of Nigeria has warned that abusers of naira
notes will be prosecuted by the financial regulator in
collaboration with other regulatory bodies such as the Nigeria
Police Force, Federal Inland Revenue Service, the Economic and
Financial Crimes Commission and the Nigerian Financial Intelligence
Unit.

The warning, according to the CBN, was necessitated by the
activities of some people who flagrantly abuse the legal tender at
social functions.

According to the apex bank, mishandling, defacing and hawking
naira notes at social events are in violation of Section 21(3) of
the Central Bank of Nigeria Act 2007 (As amended)

The bank disclosed this in a statement issued on Tuesday by the
acting Director, Corporate Communication, Osita Nwanisobi, titled
“CBN, Police others to prosecute abusers of Naira.”

It 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
abuse, and defacing of the naira or such note 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.

“The naira is our legal tender and symbol of national pride. Let
us respect it and handle it with care,” the statement added.