Squeeze, spray, sell naira notes and get N50,000 fine, jail term of 6 months - CBN echoes warning

Squeeze, spray, sell naira notes and get N50,000 fine, jail term of 6 months - CBN echoes warning

- The CBN has warned Nigerians that squeezing, spraying and sale of the naira attract a fine of N50,000

- Vincent Wuranti, the deputy director, currency operations department of the apex bank said a lot was put into the production of the note, hence they should be handled with care

- Wuranti also said that Section 20 (4) of the CBN Act 2007 provides penalty of not less than five years in jail for counterfeiting the Naira with no option of fine

The Central Bank of Nigeria (CBN) has strained its voice to the public on the handling of Naira notes, emphasising that the fine of N50,000 for abuse of the currency is still on.

Edward Adamu, the deputy governor of corporate services directorate, said this on Tuesday, May 15, in Abuja at the CBN’s 2018 international museum day celebrations, today ng reports.

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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.”

Vincent Wuranti, the deputy director, currency operations department, remarked that the life span of the naira notes is influenced by the way they are handled, adding that so much effort was put into their production hence the need to take care of them.

Wuranti reaffirmed 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 says that the offender must pay nothing less than N50,000 or face a jail term of six months or both.

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

Earlier, NAIJ.com reported that the CBN on Friday, December 8, warned Nigerians against abusing the naira notes.

NAIJ.com gathered that the apex bank said anyone caught abusing the naira would be prosecuted and if convicted the person risked six months in jail fine of N50, 000.

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Source: Naija.ng

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