CBN explains why it cannot sanction the spray of Naira notes

*The Central Bank of Nigeria says though it is not a law enforcement agency, it completely frowns on such an attitude where the national currency is not accorded its due respect as other nationals do their currencies

Isola Moses | ConsumerConnect

While seriously warning consumers against mishandling, defacing, rough-treating the national currency, the Central Bank of Nigeria (CBN) has said that it cannot enforce laws against violators of the currency or financial rules of the Bank.

It was learnt the Bankers’ Bank stated this during an interaction session with the Organised Labour in Calabar, Cross River State capital, at the weekend as a direct response to reported cases of people spraying currency notes at ceremonies in the country.

Central Bank of Nigeria Headquarters, in Abuja, FCT

The forum also witnessed the announcement of the CBN five-year financial policy for 2019 to 2024.

Mr. Osita Nwanisobi, Acting Director of Corporate Communications, who represented Mr. Godwin Emefiele, Governor of CBN, at the session clarified that the apex bank is not empowered to enforce sanctions.

Nwanisobi “CBN is not a law enforcement agency. But we completely frown on such an attitude where the national currency is not accorded its due respect as other nationals do their currencies.”

The CBN Acting Director of Corporate Communications, however, warned seriously against mishandling, defacing, rough-treating the Naira.

According to him, the Federal Government spends much to print it, and the cost is usually borne by the people in the long run.

He noted that the five-year policy and programmes of the Emefiele-led CBN are people-centred.

Nwanisobi said: “We have churned out an array of economic intervention programmes aimed at impacting the economic well-being of the people.

“We want Nigerians, including smallholder farmers, petty traders, entrepreneurs and industrialists to key-in to these programmes instead of staying aloof to doubt.

“We particularly encourage the return to agro-allied businesses instead of all depending on oil.”

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