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Nigeria: Naira Abuse - CBN Reads Riot Act
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Leadership (Abuja)
1 May 2008
Posted to the web 1 May 2008
Abdullahi Olesin
Ilorin
Controller of the Ilorin branch of the Central Bank of Nigeria (CBN), Mr Onoriode Olotewo has said any person caught selling Nigerian currency or mutilating it will be liable to six months imprisonment .
Olotewo who dropped this hint while speaking with newsmen in Ilorin noted that whoever is caught abusing the naira or writing on it will either be made to pay a fine of N50,000 of serve a jail term of six months or both .
According to him, the CBN Act has made it clear that adorning, decorating or spraying of the naira notes is an offence that will attract punishment upon conviction.
He advised that Nigerians should cultivate the habit of respecting the naira notes and other currencies of the country by handling them with care.
When people spray the naira and destroy them it cost the CBN more money to produce the same denomination of the currency, as such the bank may run at a loss in reproducing such currency, he said.
On the disappearance of the coins, the Controller said the policy of the coins has not failed but that it was just taking time for people to get used to it.
He said the policy that disallow banks to receive coins as deposit is still in force, adding that customers are expected to collect the coins and spend them .
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He advised those who are in the habit of keeping the coins in their homes to bring them out and spend them as required by law.
He also said the bank has provision at its currency control office to change new notes to the customers as well as their currencies that are damaged by accident.
He said the customers are expected to follow the laid down conditions for the change of such currencies.
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