No More ‘DOINGS’ As CBN Place Six Months Jail Term On Spray of Naira Notes

The Central Bank of Nigeria has again frowned at the rate at which Nigerian naira note is mutilated, defaced, squeezed and even sprayed at events by citizens.

Speaking on Thursday during the commencement of the CBN two-day sensitization fair held in Abeokuta, Ogun State Capital, Aladeen Badajo, an Assistant Director at the Currency Operations Department, stated categorically that abusing the nation’s current attracts a penalty of not less than six months or a fine of not less than N50,000 or both.

Naija News understands that the Abeokuta event by the apex bank was meant to create awareness about its activities in relation to economic development initiatives.

In his presentation, Badejo urged the people to consider Nigeria’s currency as a symbol of national identity. He stressed the need to handle the banknotes with care and dignity expressed concern over the huge amount being spent on reprinting them.

He said, “Abuse of the currency attracts a penalty of not less than six months or a fine of not less than N50,000 or both.”

On his part, the Acting Director, Corporate Communications Department, CBN, Osita Nwanisiobi said the bank attached great importance to sensitisation programmes.

According to him, the programme had become necessary to enable the bank to acquaint the public with its economic development initiatives and to explain the opportunities available and how every citizen could take advantage of them. He added that the programme would also help to receive feedback from the public for consideration in the development of other policies.

The Director explained that the programme was in tune with the vision of the CBN Governor, which according to him is to operate a people’s Centred Bank.

Nwanisiobi further explained that CBN’s policies and initiatives were designed to address observed failures in some sectors and with a view to building a strong and sustainable financial system.

He, therefore, urged the members of the public not only to acquire information about the programmes but also to take advantage of them. The Development Finance Department of the CBN, Biodun Okunola explained that the bank had opened various funding designed to boost the economy with the target to promote small and medium scale businesses.

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