Economy News

CBN Cautions Nigerians Against Naira Abuse

CBN Cautions Nigerians Against Naira Abuse
  • PublishedMay 16, 2018

The Central Bank of Nigeria, CBN, has cautioned Nigerians against mishandling naira notes, adding that the currency is a symbol national identity and pride.

The Deputy Governor, Corporate Services of the apex bank, Mr. Edward Adamu, stated this in Abuja during the celebration of the 2018 International Museum Day.

According to him, “The naira as a symbol of our national pride should not be sprayed or stepped on; it 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.”

A currency museum exhibition also held as part of the activities marking the day, which showcased the unveiling of the CBN’s temporary currency museum where currencies of various countries from both ancient and modern times were 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.

The museum, he added, consisted of a complete lifecycle from birth to death of bank notes as well as knowledge sharing, irrespective of one’s age.

According to him, the activities of the currency museum will 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, CBN, Mr. Vincent Wuranti, said the way and manner people handle the naira would affect its lifespan.

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

According to Section 21 of the CBN Act, 2007, abuse of naira such as squeezing, staining, writing on it, spraying and illegal sale, among others, are punishable offences.

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