No hawking and Spraying: CBN list penalties for abuse of new naira notes

The Central Bank of Nigeria, CBN has warned Nigerians against the abuse of the Naira as commercial bigs issuing of new notes, Thursday, December 15, 2022. Ngozi Etim, Principal Manager of the Currency Operations Department at the CBN, gave the warning in Abuja.

According to her, the CBN has put in place all that is needed to ensure a smooth transition to the new notes.

Sections 20 and 21 of the CBN Act of 2017 reveal some of the abuse that could land Nigerians in Jail.

- Hawking

- Spraying

- Squeezing

- Dances on the Naira

- Writing on the Naira among others

Etim explained that those that abused the naira were liable to six months imprisonment or a fine of N50,000.

She noted further that the CBN was working with the police, the FIRS, the EFCC, and the Nigerian Financial Intelligence Unit to curb the abuse.

Her words: "Section 21(3) of the CBN Act 2007 provides that mishandling of the naira is a punishable offense. “Money should not be squeezed but be put in envelopes. Oil should not be allowed to touch money; keep it neat like you keep your clothes. “You do not dirty your clothes and you do not keep your clothes on the ground, so, there is need to keep our naira well"

She added that the CBN Act empowered it to arrest those who abused the naira, Vanguard reports. Etim stressed that the naira remains the pride of the nation and must be kept clean at all times.