CBN restates N50,000 fine on sale, squeezing, spraying of Naira - Welcome to Uju Ayalogu's Blog

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Tuesday, 15 May 2018

CBN restates N50,000 fine on sale, squeezing, spraying of Naira

CBN restates N50,000 fine on sale, squeezing, spraying of Naira

The Central Bank of Nigeria (CBN) has again called on Nigerians to handle the Naira with care, restating that the N50,000 fine on abuse of the currency stands.

The Deputy Governor, Corporate Services Directorate, Mr Edward Adamu, spoke on Tuesday in Abuja at the CBN’s 2018 International Museum Day celebrations.

“The Naira as a symbol of our national pride should not be sprayed or step on, should not be squeezed, defaced or stained.

“The naira should not be sold or counterfeited.

“Be a role model by neatly arranging the Naira in pouches, wallets or envelopes,” he said.

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Also, the Deputy Director, Currency Operations Department, Mr Vincent Wuranti, said the way and manner people handled the Naira affected its life span.

He explained that a lot of effort was put into the design and production of the nation’s currency, hence the need to respect it.

According to him, the different banknotes feature portraits of Nigerian heroes, agriculture, solid minerals and other things that illustrate the Nigerian culture and economy.

He reiterated that Section 21 of the CBN Act 2007 states that the abuse of Naira such as squeezing, staining, writing, spraying and illegal sales amongst others are punishable offences.

The act states that the offender must pay nothing less than N50,000 or face a jail term of six months or both.

Section 20 (4) of the CBN act 2007 provides penalty of not less than five years in jail for counterfeiting the Naira with no option of fine.

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