Naira Abusers Will Go to Jail, Says CBN

The Central Bank of Nigeria (CBN) on Tuesday, warned that those abusing the naira will be jailed.

According to the Principal Manager, Currency Operations Department, Central Bank of Nigeria (CBN), Ms Ngozi Etim, the apex bank the police, the FIRS, the EFCC, and the Nigerian Financial Intelligence Unit were working together to deal with any offender.

The apex bank said the law was against the “spraying,” and the stepping on the naira, especially at social gatherings. Offenders were liable to six months imprisonment or a fine of N50,000.

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She condemned the “spraying” of money in public and suggested that the use of envelopes remained the best and acceptable means of extending goodwill at events.

She said:

“Money should not be squeezed but be put in envelopes. Oil should not be allowed to touch money; keep it neat like you keep your clothes.

“You do not dirty your clothes and you do not keep your clothes on the ground. So, there is need to keep our naira well.”

She reiterated that the CBN Act empowered it to arrest those who abused the naira.

The naira, according to her remained the pride of the nation and hence must be kept lean at all times.

Also, reports insisted that Section 21(3) of the CBN Act 2007 provided that mishandling of the naira is a punishable offence.