Those who abuse the naira risk imprisonment, fine - Emefiele

The Central Bank of Nigeria has decried the growing abuse of the naira through squeezing, selling, spraying at parties and trampling upon while dancing at parties.


The apex bank also decried the hoarding of the national legal tender — especially new notes — by some individuals.

The CBN Governor, Mr. Godwin Emefiele, who raised the alarm, warned that henceforth, anyone caught abusing the naira is liable to six-month imprisonment or a fine of N50,000 or both upon conviction, 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.”