Naira Abusers Risk Six Months In Jail As CBN Gives Fresh Warning - Report

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The Nigerian Central Bank has cautioned that those who abuse the naira during social gatherings risk being imprisoned or fined.


According to the CBN's amended Act of 2007, "spraying, 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, imprisonment, or both"


According to our findings, the Act stipulated a six-month prison sentence and/or a N50,000 fine for anyone defacing or abusing the naira at social occasions.

The statement, written by Osita Nwanisobi, Acting Director, Corporate Communication, was captioned ‘CBN, police, and others to prosecute Naira abusers.'


The CBN further stated that naira note abusers would be punished by the financial regulator in coordination with other regulatory organizations such as the Nigerian Police Force, Federal Inland Revenue Service, Economic and Financial Crimes Commission, and Nigerian Financial Intelligence Unit.


The warning was prompted by the actions of some individuals who blatantly exploited legal cash during social occasions, according to the statement.


“The Central Bank of Nigeria's attention has once again been directed to the activities of those who flagrantly misuse the legal tender by flinging wads of Naira notes into the air and stamping on the currency at social functions,” the statement stated.


For the avoidance of doubt, Section 21(3) of the Central Bank of Nigeria Act 2007 (as amended) states that "spraying, 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, imprisonment, or both."


Nigerians, particularly those attending social gatherings such as birthdays, weddings, and funerals, have been reminded by the CBN not to disrespect the Naira or face arrest by law enforcement agents.

SOURCE: PUNCH NEWSPAPERS

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