CBN Lists Money Bouquets, Spraying, Others as Abuse of Naira, Releases Phone Number to Report Abusers

• The Central Bank of Nigeria has urged Nigerians to stop the abuse of Naira
• The bank listed forms of naira abuses, including spraying, squeezing, and money bouquets, among other as forms of naira abuses
• The bank also called Nigerians to use a dedicated hotline to report abusers of the banknotes in the country

The Central Bank of Nigeria (CBN) on Friday, February 10, 2023, listed what it considers abuse of the Naira, including money bouquets, as a form of naira abuse.

The bank disclosed this via a post on its Twitter handle, which listed forms of naira abuse.

Forms of naira abuse

The list includes spraying the Naira at parties and events, money gifts, known as money bouquets, and selling, squeezing, and defacing the currency notes.

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The apex bank urged Nigerians to report the abuse of the banknotes and released a toll-free number for members of the public to report abusers of the banknotes.

The CBN has harped on respecting the Naira as a civic duty for all Nigerians. The call was rejuvenated with the bank's printing of new naira notes.

In the message posted on Twitter, CBN said that reporting abusers of Naira are a civic responsibility.

"It is your civic duty to protect the Naira. Report Naira abuse today," the bank said.

CBN must see This: Nigerians spray bundles of new naira notes at parties amid scarcity

Legit.ng reported that while many Nigerians keep vigil at ATM points across the country over the scarcity of new naira notes, videos posted on social media show wads of the newly redesigned notes being sprayed at a party.

The video shows the insensitivity of many to the plight of Nigerians who are struggling to lay their hands on a few new notes as the deadline of January 31, 2023 nears.

A report by Ripples Nigeria says that banks have high net-worth customers who corner the new notes because they consider them priority customers. Also, currency traders pay extra to mop up large amounts of the redesigned naira notes. Many bank ATMs have run out of cash while there are queues in places with cash.

Source: Legit.ng