The Central Bank of Nigeria has revealed how Nigerians can land in serious trouble handling the new naira notes
The Apex bank in a tweet revealed various forms of abuse of the naira and how offenders will be dealt with
In fact, the CBN has partnered with the EFCC, Nigeria Police Force and other security agencies to further deal with abusers of the naira notes
The Central Bank of Nigeria has confirmed that money bouquet is now a form of currency abuse.
The CBN in a post shared on its official Twitter handle on Friday, February 10th, made this disclosure and highlights five other ways the new naira notes can be abused.
How the naira notes can be abused
In the tweet sighted by Topnewstv.com.ng, the CBN list the forms of naira abuse as;
Spraying
Selling
Money Bouquet
Squeezing and
Defacing of the naira notes
CBN tasks Nigerians
The Apex bank urged the citizens to report cases of naira abuse in the country with the post which reads,
“It is your civic duty to protect the Naira. Report Naira abuse today.”
#StopNairaAbuse #RespectTheNaira #BePatriotic
The bank also put toll-free hotlines for Nigerians to reach their agents and call to report such activities.
Punishment for those who abuse the naira notes
According to the Central Bank of Nigeria, anyone that abuses the naira will be punished under the law in different ways.
First, the person will be fined
Secondly, the abuser of the naira might be jailed
Thirdly, the person might be fined and imprisoned at the same time
Agencies that partner with CBN to deal with offenders of the new naira notes
The agencies that the CBN disclosed would deal with those who abuse the naira 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).
What the CBN law says
Section 21 (3) of the CBN act 2007 (as amended) says “to spray, dance or to step on the naira or any note that is issued by the bank during social events or other things that constitute abuse and defacing of the naira and will be punishable under the fines or imprisonment or both”.
Another section is the section 21 (4) which states that, “It is an offence that is punishable under sub-section (1) of this section for any person to hawk, sell or otherwise trade the naira notes, coins or any other note that the bank issued”.
CBN warns Nigerians
The apex bank has sent a strong warning to Nigerians, particularly those who attend social functions, that they should not try to disrespect the naira else, they will be arrested by law enforcement agencies.
