The Central Bank of Nigeria (CBN) on Friday, February 10, 2023, listed what it considers abuse of the Naira, including money bouquets, as a form of naira abuse.
The bank disclosed this via a post on its Twitter handle, which listed forms of naira abuse.
CBN, therefore, urged Nigerians to report persons abusing the Naira by calling its toll-free hotline 08000200200.
In the message posted on Twitter, CBN said that reporting abusers of Naira are a civic responsibility.
‘It is your civic duty to protect the Naira. Report Naira abuse today,’ the bank said.
The list includes spraying the Naira at parties and events, money gifts, known as money bouquets, and selling, squeezing, and defacing the currency notes.
The apex bank urged Nigerians to report the abuse of the banknotes and released a toll-free number for members of the public to report abusers of the banknotes.
The CBN Act lists the abuse of the Naira as punishable.It states in Section 21 (3) of the CBN act 2007 (as amended): ‘Spraying of, dancing or matching on the naira or any note issued by the bank during social occasions or otherwise howsoever shall constitute an abuse and defacing of the naira or such note and shall be punishable under the law by fines or imprisonment or both.’
Section 21 (4) states: ‘It shall also be an offence punishable under sub-section (1) of this section for any person to hawk, sell or otherwise trade in the naira notes, coins or any other note issued by the bank.’
