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CBN warns it’s a criminal offence to spray, sell, deface naira notes

The Central Bank of Nigeria has stated it is a crime to spray, sell or deface naira notes

The CBN acting Director, Currency Operations, Priscilla Eleje stated this in Ibadan on Saturday saying the offence is punishable by six months imprisonment with an option of fine of N50, 000.

Eleje was represented at the public sensitization and enlightenment campaign on CBN direct intervention on lower denomination banknotes at Alesinloye market by Olufolake Ogundero, a Deputy Director at the apex bank.

Ogundero said; “It is a criminal offence punishable by six months imprisonment or a fine of N50,000 or both to sell, spray or mutilate the banknotes.

“It is also a criminal offence which attracts five years imprisonment without an option of fine for anybody to counterfeit the naira. Naira is our pride as a country. So respect it.”

Recall that the CBN had in May 2018 informed customers to reject bad and horrible notes from commercial banks.

It accused the commercial banks of sabotaging the apex bank’s effort in replacing defaced and mutilated naira notes with new ones.

Isaac Okorafor, CBN’s spokesman, had said the bank was trying another option of withdrawing the unfit notes from circulations rather than depending on the commercial banks.

The bank is now engaging various market associations to encourage traders to change genuine dirty notes for new ones at no cost to the trader.

“The bank has already taken the new measure to Kano, Kaduna and Abuja and also intends to bring it to the south.”

Ogundero said the disbursement which has commenced in Abuja will soon be extended to Lagos, Kano, Enugu, Onitsha, Ibadan, Yola, Gombe, Katsina and Jos.

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