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Market Digest Nigeria

Finance

Anyone who defaces naira to be jailed

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Anyone who defaces naira to be jailed six months —CBN

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The Central Bank of Nigeria (CBN) has issued a warning to Nigerians to desist from defacing the Naira currency. This warning was issued by Mrs Dorothy Onyene, the CBN’s Currency Operations Department, at the CBN Fair at Dora Akunyili Women Development Centre, Awka, Anambra State, on Tuesday.

Onyene frowned on the manner Nigerians mutilate, fold, deface and even use the naira as jotter.

“It is a punishable offence to abuse the naira. Defaulters are liable to six months imprisonment and/or a N50,000 fine.

“Improper handling of the notes, including mutilation, hawking, squeezing and spraying money at events would not be tolerated”, she said while urging Anambra residents to respect and keep the currency clean.

The CBN Director further explained the huge revenue being expended towards printing the notes, which could have been used for infrastructural development.

She regretted the situation where the same people who abuse the currency would not only reject mutilated naira notes but also jealously handle other foreign currencies in their custody carefully.

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