CBN Warns Against Abuse of Naira

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The Central Bank of Nigeria warned has said that those abusing the naira notes were liable to go to jail.

Principal Manager, Currency Operations Department at the CBN, Ngozi Etim, stated that the law banning the spraying’ and stepping on the naira notes, was still in force and offenders were liable to six months imprisonment or a fine of N50,000.

Etim revealed that the CBN was working with the police, the Federal Inland Revenue Service, the Economic and Financial Crimes Commission and the Nigerian Financial Intelligence Unit to curb the abuse.

The Manager, however, added that the envelope remained the best and acceptable means of extending goodwill at events.

Written by: Helen Obih

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