CBN warns against abuse of naira, threatens citizen's with jail term -

CBN warns against abuse of naira, threatens citizen’s with jail term

The Central Bank of Nigeria has condemned the rate at which Nigerians abuse naira notes.

The apex bank threatened that abuse of the currency attracts a penalty of not less than six months’ imprisonment or a fine.

An Assistant Director at the Currency Operations Department, Aladeen Badajo, said this on Thursday  during the commencement of the CBN  two-day sensitisation fair in Abeokuta.

The programme was meant to create awareness about CBN activities in relation to economic development initiatives.

Badejo urged the people to consider Nigeria’s currency as a symbol of national identity.

He expressed concern at the manner Nigerians mutilate, deface, squeeze and even spray and  sell the naira notes, noting that “abuse of the currency attracts a penalty of not less than  six months or a fine  of  not less than N50,000 or both”

The Acting Director, Corporate Communications Department, CBN, Osita Nwanisiobi said the programme had become necessary to enable the bank acquaint the public with its economic development initiatives and to  explain the opportunities available and how every citizen could  take advantage of them.

Nwanisiobi further explained that CBN’s policies and initiatives were designed  to address observed failures in some sectors and with a view to building a strong and sustainable  financial system.

The Development Finance Department of the CBN, Biodun Okunola, explained that the bank had opened various fundings designed to boost the economy with the target to promote small and medium scale businesses.

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