The Central Bank of Nigeria has drawn the attention of the public to relevant laws prohibiting defacing and or hawking of the Naira bills and warned of punishment provided under the legislation.
According to CBN, mishandling, defacing and hawking naira notes at social events are in violation of Section 21(3) of the Central Bank of Nigeria Act 2007 (As amended), and therefore warned that culprit will be prosecuted by the financial regulator.
The Bank disclosed this in a statement issued on Tuesday by the acting Director, Corporate Communication, Osita Nwanisobi, titled “CBN, Police others to prosecute abusers of Naira.”
The CBN, has therefore invited other regulatory bodies such as the Nigeria Police Force, Federal Inland Revenue Service, the Economic and Financial Crimes Commission and the Nigerian Financial Intelligence Unit, to ensure enforcement of the law.
The warning, according to the CBN, was necessitated by the activities of some people who flagrantly abuse the legal tender at social functions.
According to the statement, “The attention of the Central Bank of Nigeria has again been drawn to the activities of persons, who flagrantly abuse the legal tender by hurling wads of naira notes in the air and stamping on the currency at social functions.
“There have also been cases where people mishandle the naira, deface it, hawk the currency at parties and reject the currency in some instances. It should be stated that, contrary to the practice of these unpatriotic persons, it is neither cultural nor moral for people to disrespect the currency which citizens trade in.
“For the avoidance of doubt, Section 21(3) of the Central Bank of Nigeria 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 abuse, and defacing of the naira or such note shall be punishable under the law by fines or imprisonment or both’.
“Accordingly, the Central Bank of Nigeria is collaborating with the Nigeria Police, Federal Inland Revenue Service, the Economic and Financial Crimes Commission and the Nigerian Financial Intelligence Unit to address the unpatriotic practice.”
The CBN, therefore, warned Nigerians, particularly those at social functions such as birthdays, weddings and funerals, to desist from disrespecting the naira or risk being arrested by law enforcement agencies.
“The naira is our legal tender and symbol of national pride. Let us respect it and handle it with care,” the statement added.