Mishandle the naira, get five year jail term, CBN warns

The Central Bank of Nigeria has warned against spraying, selling and mutilation of Naira notes.

CBN said such mishandling of the currency is a criminal offence, which attracts five years imprisonment.

A Deputy Director of the bank, Mrs. Olufolake Ogundero gave this warning while expressing displeasure over the way Nigerian currency is being handled.

Ogundero was speaking at a public sensitisation and enlightenment campaign at Alesinloye market on behalf of the Acting Director, Currency Operations Department, CBN, Mrs. Priscilla Eleje, when she made this known.

CBN assured marketers, merchants, shopping malls and supermarkets of the bank’s continuous injection of huge volumes of banknotes into the circulation.

“It is a criminal offence punishable by six months imprisonment or a fine of N50,000 or both to sell, spray or mutilate the banknotes,” she said.

“It is also a criminal offence which attracts five years imprisonment without an option of fine for anybody to counterfeit the Naira. Naira is our pride as a country. So, respect it.

“We have to preserve the pride of the country and ease difficulties being encountered by traders and customers occasioned by the inadequate circulation of the lower denomination banknotes like N200, N100, N50, N20, N10 and N5,” Eleje added.

The leader of the market women, Mrs. Labake Lawal, assured the CBN of the cooperation of her members, stressing that they “will comply strictly with the agreed guidelines and utilise the banknotes for the intended purpose”.