Spray, Squeeze The Naira, Go To Jail –CBN Warns

..Now an offence, spraying the naira at parties

Are you in the habit of spraying the Naira or trampling on it at Owambe parties? Or perhaps, cannot do without squeezing any currencies that enter your hands?

Then just know that you risk going to jail, according to latest warnings by the the Central Bank of Nigeria  (CBN).

The apex bank while decrying these common practices among Nigerians, said it would no longer take it easy with defaulters, but is eager to prosecute them.

The apex bank which spoke through its helmsman, the governor, Mr Godwin Emefiele, also decried the hoarding of the naira, especially new notes, by some individuals.

He warned that henceforth, anyone caught would, upon conviction, be liable to six-month imprisonment or a fine of N50,000 or both , in accordance with the Bank’s Act of 2007.

Insisting that the naira should be accorded equal respect and dignity with the national flag, the CBN governor explained that the nation spends more than N100 to mint a single N100 note.

Emefiele made the clarification at a two-day sensitisation/enlightenment workshop themed, “Promoting Financial Stability and Economic Development”, organised for industrialists, manufacturers, hair dressers, bakers, members of the All Farmers Association of Nigeria, tailors and mechanics, among others on Friday.

Represented by the acting Director of Communication of the Bank, Mr. Isaac Okoroafor, Emefiele said that the nationwide sensitisation exercise was the second phase and had already taken place in 34 states of the federation.

He said, “The CBN Fair is meant to inform, educate and enlighten farmers and members of the business community on ways and means to promote and sustain their business.”