CBN swears to ensure jail term for anyone who abuses the Naira at ‘Owambe party’.

Worried by the rate at which Nigerians mutilate, deface, squeeze spray and sell the naira notes during memorable occasions such as weddings and funerals, the Central Bank of Nigeria (CBN) has again warned that anyone caught doing such act will be arrested and sent to jail.

An Assistant Director at the Currency Operations Department, Aladeen Badejo said this during the commencement of the CBN two-day sensitization programme held in Abeokuta, Ogun state on Thursday, June 10.

He pointed out that the apex bank threatened that “abuse of the currency attracts a penalty of not less than six months or a fine of not less than N50,000 or both.”

“Abuse of the currency attracts a penalty of not less than six months or a fine of not less than N50,000 or both.”Badejo reiterated at the event

The programme 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, Punch reports.

Badejo who stressed the need to handle the banknotes with care and dignity expressed concern over the huge amount being spent on reprinting them.

The Acting Director, Corporate Communications Department, CBN, Osita 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.



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