CBN to Punish People Who Abuse Naira Notes

As part of the plans to make sure that banknotes that are in use across Nigeria are of good quality, the Central Bank of Nigeria (CBN) has rolled out penalties for the abuse of the national currencies.

In order to understand what is being said, The CBN, defines an abused or a mutilated naira “to be a note of poor quality requiring a special observation before its value can be determined.”

CBN also went further to clarify that,  an abused banknote could be one that has suffered partial or permanent damage by fire, water, dye, insects, rodents or one destroyed by natural disasters. The apex bank, however reveals that, it will continue to collect abused naira notes from the public.

CBN provides a list of what can be regarded as an abuse to the naira notes: Writing/Graffiti, mutilating, stapling the Naira, tearing or making hole of any kind and spraying,soiling or marching.

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According to the apex bank, the penalties for abusing naira notes includes; a fine of fifty thousand Naira or six months imprisonment or both under the provision of Section 21 of the CBN Act 20.

The CBN gave full details on what should be considered as unfit notes, saying a Naira note is considered unfit when:

1. It is badly soiled or there is a general distribution/localization of dirt.

2. It presents a limp/rag appearance due to excessive folding that results in the breakdown of the texture and structure of the note.

3. It has added image or lettering marked on it.

4. There is a hole that is more than 10mm.

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