CBN has Issued a Serious Warning on Naira Spraying- Penalty

CBN has Issued a Serious Warning on Naira Spraying- Penalty

NewsReport Nigeria June 11, 2021

Advertisements

The Nigerian Central Bank has criticized the rate of mutilation, defacement, squeezing, even spraying and selling of naira notes. “The abuse of the currency attributes a penalty, not below 6 months or a fine not below N50,000, or both,” said the Apex Bank.

NewsReport gathered that Mr. Aladeen Badajo remarked this Thursday at the opening of the CBN two-day sensitizing expo conducted in Abeokuta, assistant director of the Department of Currency Operations. The program aimed to raise awareness of its actions in connection with initiatives for economic development.

Osita Nwanisiobi, Chief Executive Officer of CBN, said the Bank attached considerable emphasis in awareness-raising programs. Nwanisiobi stated that the program had become vital to enable the bank to meet the public and explain the various opportunities and how all the citizens might use them.

He stated that the program will also help the public in developing other policies to obtain feedback. The Director noted that the program was in line with the CBN Governor’s aim to run the Center Bank of a People

CBN policies and actions were further discussed by Nwanisiobi in order to address noted weaknesses in particular industries and in order to develop a strong and sustained financial system. Consequently, he called on the public not only to get but also to make use of information regarding these programs.

The CBN Department of Development Finance, Biodun Okunola, noted that the bank has opened several funds to stimulate the economy to promote small and medium-sized enterprises.