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CBN warns against naira abuse

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The Central Bank of Nigeria has frowned on continued abuse of currency note by the general public, especially during weddings and other occasions.

Speaking on Monday in Gombe at a Fair with the theme ‘Promoting Financial Stability and Economic Development’, Principal Manager, Currency Operations Department, Ngozi Etim, said the law banning people from matching money subsisted.

The CBN Fair is a harmonised sensitisation on all CBN initiatives which includes Real Sector Financing and Intervention, Payment System Initiatives, Consumer Protection Clean Naira Note Policy, Financial Inclusion, Consumer Rights etc, held simultaneously in Bauchi and Gombe states.

Etim noted that envelope remained the best and acceptable means of extending goodwill at events and not by deliberately attempting to discredit the Nigerian currency by spraying and eventually stepping on it.

She said, “Money should not be squeezed but put into the envelope. Oil should not be allowed to touch the money; keep it neat like your clothes.

“You don’t dirty your clothes and you don’t keep your clothes on the ground. So, there is need to keep our money well. Don’t match our money, so that it can stay long. Naira is our symbol of identity.”

She added that the current CBN Act empowered the bank to arrest those who abuse the currency, adding that the proper handling would ensure the durability of the notes.

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