The Central Bank of Nigeria has threatened to effect the law against Nigerians defacing or abusing the Naira.
This follows the unveiling of a new higher denomination of the naira note on Wednesday in Abuja.
It was gathered that Nigerians are known to fold Naira or spray the currency into the air during parties, leading to people stamping their feet on it.
To tackle this, Section 21 of the CBN Act 2007 was constituted to protect Naira.
Henceforward, defaults of this ACT will be made to pay a fine of N50,000 or face a jail term of six months.
Meanwhile, the CBN has begun distributing new naira notes to its branches around the country.
The new currency will be delivered by the CBN to business branches across the country.
The Director of Currency Operations, Bello Umar, made the announcement in Abuja, according to reports.
He said:
“From Thursday, that is tomorrow (today), we will start distribution to CBN branches across the country.
So that whenever we are set to launch, maybe at a later date, we already have the notes across the country.”
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