CBN will arrest and prosecute Naira abusers

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The Central Bank of Nigeria (CBN) has stated that it is working with the Nigerian Police Force and other law enforcement agencies to apprehend and prosecute anyone caught abusing the Naira.

Osita Nwanisobi, CBN’s Acting Director of Corporate Communications, announced this in a statement on Tuesday.

He did, however, issue a warning to Nigerians, particularly those attending social functions such as birthday parties, weddings, and funerals, not to disrespect the Naira or face arrest by law enforcement.

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”The Central Bank of Nigeria (CBN) has been alerted to the activities of individuals who openly abuse the legal tender system by hurling wads of Naira notes into the air and stamping on the currency at social functions.

“There have also been instances where people mishandle the Naira, deface it, hawk it at parties, and in some cases, reject the money. It should be stated that, contrary to the practice of these unpatriotic individuals, disrespecting the currency in which citizens trade is neither cultural nor moral.

For the avoidance of doubt, Section 21(3) of the Central Bank of Nigeria Act 2007 (as amended) states that “spraying, dancing, or matching on the Naira or any note issued by the Bank during social occasions or otherwise howsoever shall constitute abuse and defacing of the Naira or such note and shall be punishable under the law by fines, imprisonment, or both.”

“As a result, the Central Bank of Nigeria (CBN) is working together with the Nigerian Police Force, the Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC), and the Nigerian Financial Intelligence Unit (NFIU) to combat the unpatriotic practice.

“As a result, we warn Nigerians, particularly those attending social functions such as birthday parties, weddings, and funerals, not to disrespect the Naira or face arrest by law enforcement agencies. Our legal tender and a symbol of national pride is the naira. Let us treat it with respect and care,” the statement said.

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