CBN Lists Penalties for Abuse of New Naira notes as commercial banks begin circulation
- Commercial banks will from Thursday, December 15 begin the circulation of the new naira notes for the general public
- The new naira notes will be legal tender with the old notes till Tuesday, January 31, 2023
- Meanwhile, the CBN has reminded Nigerians of some of the penalties for abusing the Naira
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The Central Bank of Nigeria, CBN has warned Nigerians against the abuse of the Naira as commercial bigs issuing of new notes, Thursday, December 15, 2022.
Ngozi Etim, Principal Manager of the Currency Operations Department at the CBN, gave the warning in Abuja.
According to her, the CBN has put in place all that is needed to ensure a smooth transition to the new notes.
Source: Facebook
Types of Naira abuse
Sections 20 and 21 of the CBN Act of 2017 reveal some of the abuse that could land Nigerians in Jail.
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- Hawking
- Spraying
- Squeezing
- Dances on the Naira
- Writing on the Naira among others.
CBN list penalty
Etim explained that those that abused the naira were liable to six months imprisonment or a fine of N50,000.
She noted further that the CBN was working with the police, the FIRS, the EFCC, and the Nigerian Financial Intelligence Unit to curb the abuse.
Her words:
"Section 21(3) of the CBN Act 2007 provides that mishandling of the naira is a punishable offense.
“Money should not be squeezed but be put in envelopes. Oil should not be allowed to touch money; keep it neat like you keep your clothes.
“You do not dirty your clothes and you do not keep your clothes on the ground, so, there is need to keep our naira well"
She added that the CBN Act empowered it to arrest those who abused the naira, Vanguard reports.
Etim stressed that the naira remains the pride of the nation and must be kept clean at all times.
More warnings to Nigerians on Naira abuse
Also speaking, Osita Nwanisobi, CBN’s Director, of Corporate Communication, has urged Nigerians to always treat the naira with care.
Nairobi condemned the idea of hurling wads of naira notes in the air and stamping on the currency at social functions.
He stressed:
“There have also been cases where people mishandle the naira, deface it, or hawk it at parties.
“Contrary to the practice of these unpatriotic persons, it is neither cultural nor moral for people to disrespect the currency, which citizens trade in."
"There have been videos of famous Nigerians, including politicians, subjecting the naira to abuse.
"Naira notes have also become items of trade at garages and motor parks in different parts of the country, especially during festive periods.
"The CBN has, however, declared that anybody caught abusing the naira would be punished."
When will Nigerians begin to use new naira notes
The new notes are expected to be in circulation by December 15, 2022, and will circulate side-by-side with the old notes until January 31, 2023, when the latter would cease to be legal tender.
Police react to the discovery of rotten naira notes in Benue, name the real owner
Meanwhile, the Nigerian police force has responded to a social media video that went viral showing rotting Naira notes in Benue.
The viral video has sparked a lot of emotional outbursts among Nigerians with many fingers pointing at politicians.
Several discoveries of old, rotting notes have made their way into social media after CBN introduced new Naira notes
Source: Legit.ng
