The Central Bank of Nigeria (CBN) yesterday warned that the abuse of naira notes attract jail terms.
The apex bank said the law banning the “spraying” and the stepping on the naira, especially at social gatherings, is still in force and that offenders are liable to six months’ imprisonment or a fine of N50,000.
Principal Manager, Currency Operations Department, Central Bank of Nigeria (CBN), Ms Ngozi Etim, said the apex bank was working with the police, the FIRS, the EFCC and the Nigerian Financial Intelligence Unit to curb the abuse.
She condemned the “spraying” of money in public, adding that the envelope remained the best and acceptable means of extending goodwill at events.
“Money should not be squeezed but be put in envelopes. Oil should not be allowed to touch money; keep it neat like you keep your clothes.
“You do not dirty your clothes and you do not keep your clothes on the ground. So, there is need to keep our naira well,” she said.
She added that the CBN Act empowered it to arrest those who abused the naira.
