The Central Bank of Nigeria CBN Friday warned that abusers of the nation's currency notes risk six months imprisonment or a fine of N50,000.
The apex bank at a one-day sensitization campaign on the abuse of the naira held in Yenagoa, the Bayelsa State capital, described as criminal the abuse of the country's currency, stressing that offenders would henceforth be arrested and prosecuted.
Spraying of the naira, hawking and mutilation it are punishable under section 21, subsection 1-5 of the CBN Act of 2007.
Acting Director Currency Operations CBN, Mr. Charles Olorunda, represented by Branch Controller, CBN Yenagoa, Mr. Prince Basil Udoh Utun, who stated this in Yenagoa, said the campaign is aimed at creating awareness among the populace with a view to according the naira the deserved respect.
"The national flag, the naira and the national anthem should be accorded respects as they promote the nation's image globally," he said, describing the abuse of the currency by market women, Okada riders, politicians and those hosting marriage ceremonies as criminal and called on them to respect the legal tender.
The CBN, had in the past arrested some sellers of naira notes and raided selling points in Abuja, Kano and Ibadan.
Source: Vanguard
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