The Central Bank of Nigeria (CBN) has issued warning against spraying, selling and mutilation of naira notes, a criminal offence, which the bank said attracts five years’ imprisonment.
The bank stressed that anyone caught would henceforth be made to face the full wrath of the law.
“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.”
According to the Acting Director, Currency Operations Department, CBN, Mrs. Priscilla Eleje, who was represented by a Deputy Director of the bank, Mrs. Olufolake Ogundero, the development was to preserve the pride of the country and ease difficulties being encountered by the traders and customers occasioned by the inadequate circulation of the lower denomination banknotes like N200, N100, N50, N20, N10 and N5.
She however, assured marketers, merchants, shopping malls and supermarkets of the bank’s continuous injection of huge volumes of banknotes into the circulation.