CBN warns against naira abuse

The Central Bank of Nigeria (CBN) has expressed its displeasure with the general public’s ongoing abuse of currency notes, particularly during weddings and other special occasions.

Principal Manager, Currency Operations Department, Ngozi Etim, said the rule prohibiting individuals from matching money was still in effect on Monday in Gombe during a fair with the theme “Promoting Financial Stability and Economic Development.”

The CBN Fair is a simultaneous sensitization event in Bauchi and Gombe states on all CBN efforts, including Real Sector Financing and Intervention, Payment System Initiatives, Consumer Protection Clean Naira Note Policy, Financial Inclusion, Consumer Rights, and so on.

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Etim stated that giving an envelope was still the best and most appropriate way to show kindness at occasions, rather than spraying and finally stomping on the Nigerian naira.

“Money should not be squeezed, but put into the envelope,” she remarked. Oil should not be permitted to come into contact with money; it should be kept as clean as 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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