The Central Bank of Nigeria (CBN) has warned Nigerians to stop mutilating, defacing, squeezing, and especially spraying and selling the naira notes.

The apex bank has condemned the high rate at which Nigerians treat their currency.

According to CBN, the “abuse of the currency attracts a penalty of not less than six months or a fine of not less than N50,000 or both.”

Aladeen Badajo, assistants to the Department of Currency Operations, said this on Thursday at the start of the two-day CBN awareness fair in Abeokuta.

Badejo urged the public to regard the currency of Nigeria as a symbol of their national identity.
Badejo, who underlined the need for the careful and dignified handling of the banknotes, voiced concern over the considerable sum spent on repression.

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He said, “Abuse of the currency attracts a penalty of not less than six months or a fine of not less than N50,000 or both.”

In a recent development, the Central Bank of Nigeria disclosed that Nigeria can’t stop borrowing especially when it is necessary.

On Friday, the CBN Governor, Mr Godwin Emefiele disclosed this development in Abuja at the National Dialogue on Nigeria’s rising debt profile themed: “The Rising Public Debt in Nigeria and the Challenges of National Development”. This was organized by the Action Aid Nigeria (AAN).

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According to the CBN Governor who was represented by Dr Tawose Joseph, the Assistant Director, Monetary Policy Department, CBN said debt is never a crime or a sin but it is part of fiscal responsibility.

He added that there the money borrowed should be monitored and evaluated carefully and its purpose taken into consideration.