CBN Reiterates N50,000 Fine On Abuse Of Naira
Naira. File

The Central Bank of Nigeria (CBN) has restated that a N50,000 fine will be imposed on anyone who abuses the nation’s currency.

Deputy Governor of Corporate Services Directorate Edward Adamu restated this on Tuesday in Abuja at the CBN’s 2018 International Museum Day celebrations.

Adamu said, “The Naira as a symbol of our national pride should not be sprayed or step on, should not be squeezed, defaced or stained. The naira should not be sold or counterfeited.

“Be a role model by neatly arranging the Naira in pouches, wallets or envelopes.”

In addition, Deputy Director, Currency Operations Department Vincent Wuranti noted that the  way people handled the Naira affected its life span.

Wuranti said a lot of effort was put into the design and production of the nation’s currency, hence the need to respect it.

According to him, the different banknotes feature portraits of Nigerian heroes, agriculture, solid minerals and other things that illustrate the Nigerian culture and economy.

He reiterated that Section 21 of the CBN Act 2007 states that the abuse of Naira such as squeezing, staining, writing, spraying and illegal sales amongst others are punishable offences.

The act reveals that the offender must pay nothing less than N50,000 or face a jail term of six months or both.

Section 20 (4) of the CBN act 2007 gives a penalty of not less than five years in jail for counterfeiting the Naira with no option of fine.