CBN again cautions against abusing Naira

AT the celebration of 2018 International Museum Day on Tuesday, Central Bank of Nigeria (CBN) once again cautioned Nigerians against mishandling naira notes as it is a symbol national identity and pride.

Deputy Governor, Corporate Services of the bank, Mr Edward Adamu said “the Naira as a symbol of our national pride should not be sprayed or step on, should not be squeezed, defaced or stained.

“The naira should not be sold or counterfeited. Be a role model by neatly arranging the Naira in pouches, wallets or envelopes, he appealed.

A currency museum exhibition also held as part of the activities, which showcased the unveiling of CBN’s temporary Currency Museum where currencies of various countries from both ancient and modern times are on display.

Adamu said the idea of the currency museum was to enable members of the public to appreciate the various stages of the production of the nation’s currency notes and coins, which consisted of a complete life cycle from birth to death of bank notes, as well as, knowledge sharing irrespective of one’s age.

According to him, activities of the Currency Museum would expose members of the public to better education on how to properly handle the naira and other related matters.

Also speaking, the Deputy Director, Currency Operations Department, Mr Vincent Wuranti said that the way and manner people handle the Naira, affect its lifespan.

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He explained that a lot of thought was put into the design and production of the currency, thus the need to have respect for the currency.

According to Section 21 of the CBN Act 2007, abuse of Naira such as squeezing, staining, writing, spraying and illegal sales amongst others are punishable offences.

It states that the offender must pay nothing less than N50, 000 or jail term of six months or both.
Also, Section 20 (4) of the Act provides the penalty of not less than five years in jail for counterfeiting the Naira with no option of fine.