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CBN identifies 8 ways naira can be abused
 
By: Abara Blessing Oluchi
Wed, 17 Apr 2024   ||   Nigeria,
 

The Central Bank of Nigeria (CBN) has outlined eight activities considered as currency abuse of the Nigerian Naira.

Nigeria’s apex bank disclosed this on its website to educate citizens on Clean Notes Policy.

According to CBN, the Clean Notes Policy was instituted in a bid to improve the physical appearance and lifespan of the banknotes in circulation.

The public enlightenment might not be unconnected with the arrest and arraignment of a Nigerian socialite, Pascal Okechukwu, popularly known as Cubana Chief Priest.

The Economic and Financial Crimes Commission (EFCC) arraigned Cubana Chief Priest on Wednesday before Justice Kehinde Ogundare of the Federal High Court in Lagos.

After pleading not guilty, the socialite was released on a N10 million bail.

Meanwhile, in the bid to enlighten the Nigerian people, CBN issued information on the Naira and the Law.

Speaking about the Naira and the Law, CBN said, “The CBN is responsible for the issuance of the Naira and kobo (Sections 17, 18 and 19).

“It is against the law for any individual or establishment outside the Central Bank of Nigeria, to print money or be in possession of counterfeit notes.

“If you are caught and convicted of a counterfeiting crime, you may face up to five (5) years imprisonment with no option of fine (Section 20).”

It, then, identified eight activities which amount to the abuse of Naira.

Abuse of the Naira

1. Spraying: It is against the law to spray the Naira banknotes at occasions.

2. Writing: It is against the law to write on banknotes.

3. Stapling: It is against the law to staple the banknotes as the pins can cause corrosion of the banknotes.

4. Tearing: It is also against the law to tear the banknotes

5. Soiling: It is against the law to dance/stamp on the Naira banknotes. Do not stain the banknotes with oil or ink, as this is also a form of defacing.

6. Sale: It is against the law to sell currency banknotes.

7. Mutilation: A person who tampers with the Naira note or coin is guilty of an offence, punishable by law (CBN Act Section 21).

8. Rejection: It is against the law to reject the Naira (Section 20 subsection 5).

Also, the CBN mentioned five implications of improper handling of the Naira, which are given below:

1. Increase in currency management costs due to the high cost of banknotes replacement.

2. Defaced/torn banknotes slow down sorting process resulting in lower output of clean banknotes.

3. Erodes the sense of pride and confidence that Nigerians should feel in their currency.

4. Any form of defacement of the currency is a form of ridicule on the nation.

5. Prevalence of dirty banknotes in circulation is potential health hazard to the citizenry.

Meanwhile, last week, Justice Abimbola Awogboro of the Federal High Court, Lagos, sentenced controversial cross-dresser, Idris Olanrewaju Okuneye, popularly known as Bobrisky, to six months imprisonment without an option of fine for abusing the Naira.

 

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