CBN urges proper handling of Naira notes in economy

*The Central Bank of Nigeria informs consumers that envelopes yet remain the best and acceptable means of extending goodwill at public events, and not a deliberate attempt to discredit the Nigerian currency by spraying and stepping on it

Alexander Davis | ConsumerConnect

Against the backdrop of the reported deliberate attempt to discredit the Nigerian currency by spraying and stepping on it, the Central Bank of Nigeria (CBN) has frowned on continued abuse of currency note by the general public, especially during weddings and other occasions.

ConsumerConnect learnt Ngozi Etim, Principal Manager, Currency Operations Department of the CBN stated this Monday, June 28, 2021, in Gombe, North-East Nigeria, at a Fair.

Etim, who spoke on the theme ‘Promoting Financial Stability and Economic Development’, said the law banning people from marching on money Naira notes at such public events yet subsists.

CBN Headquarters, Abuja, FCT

The CBN Fair is a harmonised sensitisation on all CBN initiatives, which include Real Sector Financing and Intervention, Payment System Initiatives, Consumer Protection Clean Naira Note Policy, Financial Inclusion, Consumer Rights, etc., held simultaneously in Bauchi and Gombe States.

The Principal Manager of CBN Currency Operations Department said envelope remained the best and acceptable means of extending goodwill at events, and not by deliberately attempting to discredit the Nigerian currency by spraying and eventually stepping on it on such occasions.

“Money should not be squeezed but put into the envelope. Oil should not be allowed to touch the money; keep it neat like your clothes.

“You don’t dirty your clothes and you don’t keep your clothes on the ground. So, there is need to keep our money well. Don’t march on our money, so that it can stay long. Naira is our symbol of identity,” Etim said.

According to her, the current CBN Act empowers the Bankers’ Bank to arrest those who abuse the currency.

She added that the proper handling of the national currency would ensure the durability of the Naira notes.

It is recalled that the apex bank earlier June this year had warned consumers against abuse of Naira, threatening that the practice attracts a jail term.

The Bank also noted that abuse of the national currency attracts a penalty of not less than six months’ imprisonment or a fine.

Aladeen Badejo, Assistant Director at the Currency Operations Department, said this during the commencement of the CBN two-day sensitisation fair in Abeokuta, Ogun State capital recently.

The programme was designed to create awareness about CBN activities in relation to economic development initiatives.

Badejo urged the people to consider Nigeria’s currency as a symbol of national identity.

The CBN expressed concern at the manner Nigerians mutilate, deface, squeeze and even spray and sell the Naira notes.

He added: “Abuse of the currency attracts a penalty of at least six months or a fine of not less than N50,000 or both.”

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