Apex bank threatens Nigerians with jail time for abusing naira notes

The Central Bank of Nigeria (CBN) has threatened to arrest and prosecute Nigerians for abusing naira notes with the possibility of jail time or an option of fine, if found guilty.

This was disclosed on Friday, December 8, 2017, by an official of the Currency Operation Department of the CBN in Abuja, Samuel Shuaibu.

While speaking during the commencement of a 'CBN Fair' in Calabar aimed at sensitising citizens on the appropriate use of the naira.

He complained that Nigerians have been found to abuse the naira indiscriminately while respecting foreign currencies.

He said, "The naira has suffered abuse from a 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."

He urged Nigerians to desist from home banking, and embrace online transfer system. The theme of the fair was titled, "Promoting Financial Stability and Economic Development."