Nigerians are mutilating, defacing, squeezing, spraying, and selling naira notes at an alarming rate, according to the Central Bank of Nigeria (CBN).
“Abuse of the currency involves a penalty of not less than six months or a fine of not less than N50,000 or both,” the central bank said.
An Assistant Director at the Currency Operations Department, Aladeen Badajo said this on Thursday during the commencement of the CBN two-day sensitisation fair held in Abeokuta.
In his presentation, Badejo urged the people to consider Nigeria’s currency as a symbol of national identity. Badejo who stressed the need to handle the banknotes with care and dignity expressed concern over the huge amount being spent on reprinting them.
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.”