Central Bank of Nigeria, CBN has warned Nigerians against abusing the naira notes, especially at social events.
Nigeria’s apex bank said anyone caught abusing the currency will pay a fine of N50,000 or risk six months in jail if convicted.
This was disclosed on Friday by an official of the Currency Operation Department of the CBN in Abuja, Mr. Samuel Shuaibu.
Shuaibu during the commencement of a ‘CBN Fair’ to sensitise campaign for residents in the state on the appropriate use of the naira held in Calabar, Cross River State said offenders would henceforth be arrested and prosecuted.
According to him, the programme was aimed at sensitising the public on the need to accord respect to naira, online transfer system, how to identify fake currency notes, how to approach the CBN for complaints amongst others.
He bewailed the fact that Nigerians accord more respects to the American Dollar more than the Naira, urging Nigerians to appreciate and value the Naira notes because it serves as a symbol of national identity.
Shuaibu said, “The naira has suffered abuse from majority of Nigerians. Today, we find some people spraying the naira in occasions, soiling it, writing on it, squeezing it while others are hawking it.
“The CBN spent a lot of money in the printing of this naira notes. We urge Nigerians to respect the naira and value it. Anyone caught abusing the naira will risk a jail term of six months or pay a fine of N50,000.” (Daily Post)
Someone already voiced similar comment on this. I think Mr. Shuaibu should know that while spraying money at occasions is not traditional, it has become a national which will never die away. The Nigerian culture, as such has extended beyond the shores of Nigeria. Spraying is not viewed as a criminal act in UK, USA. Canada or Germany; in fact most national post offices or money exchange centres know that dollars exchanged with indigenous currencies are for social events. Dollars or other foreign currencies are not indigenous to Nigeria, so are we to kill this culture? To boost Mr Shuaibu’s rationale, those spraying like they have minted their own currencies and stamping/dancing on money could be the cause of this thinking. Not many Nigerians will agree with this.
This is typical of Nigerians…an overzealous official making his own laws. Nigerians have a right to spray money at social gatherings; it’s a part of “freedom of expression.” If there’s any laws against this kind of expression, then, the congress should make those laws and not some bureaucrat.
The only legitimate part of this rule enacted by Mr. Shuaibu is the part of “defacing” a lega tender; other than that aspect, every other thing he pointed is simply overreaching.
Cash Ezimako