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Deface naira notes, face consequences, CBN tells Nigerians


The Central Bank of Nigeria (CBN)  reads the riot act to bank customers in the country as it expressed its readiness to prosecute any individual that abuses Naira notes henceforth.
The CBN  also said that it has embarked on enlightenment programmes so as to create the needed awareness for market men, women as well as youths in Ondo State on the consequences associated with abuse of Naira notes.
The apex bank noted that the law preserving the sanctity of  Naira notes still subsists and violation of such laws would attract jail terms.
In his address assistant director, currency operations, of CBN, Mr Benedict Maduagwu expressed the need by the citizenry in Akure, to develop good style of handling naira notes
Maduagwu said  that anybody caught abusing Naira notes would be jailed for five years with an option of N50,000 fine.
He said , “Government use tax payers’ money to print the Naira notes. So, it is not fair for us to be rough-handling  the notes.  If you continue to spoil the Naira notes, there will be no much money for the commercial banks to give out as loans to customers and this will affect our economy.
He stated that, “Do not squeeze or rough handle the Naira notes; do not write on the notes. Do not put money under the clothes because of bacterial infection to the body. Anybody selling Naira notes is an enemy of Nigeria.”
Also On the scarcity of smaller denomination in the circulation, the CBN boss disclosed that the apex bank would soon come to the state to sell smaller denomination Naira notes directly to market men and women, adding that the exercise would be carried out periodically.
Maduagwu said  “We want to appeal to the commercial banks to be putting smaller denomination inside their ATM’s in order to end the scarcity of smaller denomination in the country.”
In his remarks, the Officer in charge of consumer protection department of the CBN, Mr. Oludamola Atanda, urged bank customers to be vigilant, and seek justice whenever their rights are infringed, with regards to sharp banking practices and excessive charges.

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