Naira Abuse Can Land You In Jail: CBN Cracks Down On Currency Mutilation

• CBN prohibits misuse of Naira notes like spraying, squeezing, or writing on them

• Offenders could face 6-month jail term or N50,000 fine under mobile courts

• Sale, trade, or hawking of Naira notes is also an offense punishable by law

Eko Hot Blog reports that the improper treatment of Naira notes represents a significant violation with far-reaching consequences, impacting both the economy and public health while jeopardizing the financial system’s integrity.

“According to the Central Bank of Nigeria (CBN), any individual who damages or alters the Naira note or coin is committing a punishable offence under the CBN Act Section 21.”

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“Sections 20 and 21 of the CBN Act of 2017 explicitly prohibit actions such as hawking, spraying, squeezing, dancing on, or writing on the Naira, and offenders found guilty by mobile courts could face a six-month jail term or a fine of N50,000.”

Currency violations have gone largely unpunished over time, allowing politicians and notable business figures to openly disregard laws during occasions such as birthdays or funerals.

“Under Section 21(3) of the Central Bank of Nigeria Act 2007 (As amended), actions like spraying, dancing, or stepping on the Naira during social gatherings are considered abuse and defacement of the currency, leading to potential fines, imprisonment, or both.”

“Similarly, Section 21(4) of the Act states that it is an offence for any person to engage in the sale, trade, or hawking of Naira notes, coins, or any other currency issued by the Bank.”

The Central Bank of Nigeria (CBN) in February 2024 pledged to apprehend individuals involved in selling the newly redesigned banknotes and those who openly misuse the notes during social gatherings nationwide.

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Through partnerships with security authorities, CBN is taking steps to apprehend and sanction individuals found guilty of misusing the new currency notes, aligning with applicable laws.

The mutilation of the Naira at various events ultimately damages the currency and is strictly prohibited by law.

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