Money Bouquets Now Form Of Naira Abuse — CBN

Money Bouquets Now Form Of Naira Abuse — CBN | Daily Report Nigeria

The Central Bank of Nigeria (CBN) has listed money bouquets as a form of naira abuse.

The apex bank made this known in a tweet on Friday.

It was informing the public on actions that constitute abuse of the currency.

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The apex bank hence listed other forms of naira abuse including spraying, selling, squeezing, and defacing.

The CBN further asked Nigerians to report cases of naira abuse in the country.

It said:
It is your civic duty to protect the Naira.”

This is coming days after it warned to prosecute abusers of the naira in collaboration with other regulatory and law enforcement agencies if such actions violate the law.

The agencies include the Nigeria Police Force (NPF), Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC), and the Nigerian Financial Intelligence Unit (NFIU).

Section 21 (3) of the CBN act 2007 (as amended) stipulates that “spraying of, dancing or matching on the naira or any note issued by the bank during social occasions or otherwise howsoever shall constitute an abuse and defacing of the naira or such note and shall be punishable under the law by fines or imprisonment or both”.

Similarly, section 21 (4) stated that “it shall also be an offence punishable under sub-section (1) of this section for any person to hawk, sell or otherwise trade in the naira notes, coins or any other note issued by the bank.”

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