The Central Bank of Nigeria (CBN) recently expressed worry on Nigerians mishandling of Naira notes and warned against spraying, selling and mutilation of Naira notes, saying that all such mishandling of Naira notes is a criminal offence and attracts five years imprisonment.
A Deputy Director of the bank, Mrs. Olufolake Ogundero, made this known at a public sensitization and enlightenment campaign at Alesinloye market on behalf of the Acting Director, Currency Operations Department, CBN, Mrs. Priscilla Eleje. Considering the massive abuse of Naira notes across the country, the warning is undoubtedly belated, yet it is a welcome development as it has come at a time when Naira abuse has assumed an epidemic and embarrassing dimension.
Recall that the Banking Act of 2007 made selling, spraying or mutilating Naira banknotes a criminal offence punishable by six months imprisonment or a fine of N50,000 or both. Also, counterfeiting of Naira notes is a criminal offence which attracts five years imprisonment without an option of fine. However, it is not known why the CBN waited for so long before embarking on its current public enlightenment and to educate Nigerians on the illegality of abusing Naira notes.
Those caught abusing the Naira notes should be made to face the full weight of the law. Their prosecution should also be widely publicized so that people can learn from their misdeeds
Across the world, the currency of a country is seen and regarded as the national identity and pride of the country. The national currency is therefore given some measure of respect. Americans respect the dollar, British citizens respect the Pound Sterling, while Europeans respect the Euro. In fact, the Europeans, Americans and other advanced countries respect every currency that is printed for the exchange of goods and services. But, in Nigeria, Naira, the nation’s currency, is not given any measure of respect. Rather, it is disrespected and abused all over the country as if it is the cause of the nation’s woes.
Mishandling of Naira notes has reached an epidemic level. It is not uncommon to see even educated Nigerians spraying Naira notes at parties and other social engagements, especially during marriages and birthday parties, thereby shortening the life span of the currency note and resulting in quick mutilation of such currency notes. It is also common to see traders writing on Naira notes in the markets, or roughing or squeezing wads of the currency notes together into their bags and pockets, thereby mishandling the notes.
Another common feature is illegal sale of lower denomination of naira, especially N20, N50, N100 and N200 notes, at social engagements. The clean lower denomination Naira notes are also brazenly hawked around at various motor parks and at the precincts of some major banks across the country. The sellers make some commissions on each bundle of N50 or N100 sold.
Some state governors and prominent politicians are also in the habit of spraying naira notes at political rallies and when passing through markets, thus causing commotion among those trying to catch the Naira notes. If anything, it is because there are ready buyers that there are illegal sellers of the lower denomination of Naira notes at such places.
It is also because nothing happens to those who mishandle naira notes that the abuse of the nation’s currency has continued and festered for so long. Even security agents do not seem to know that it is a crime for anybody to abuse Naira notes.
Now that the CBN has adverted public attention to the law on abuse of Naira notes and the illegality involved in the abuse of naira notes, it is hoped that security agents will rise up to the challenges by arresting and prosecuting those caught abusing Naira notes.
Beyond this, however, is the need for the CBN to mount serious and sustained public campaigns in the mass media and in the open markets across the country against the bad habit of abuse of Naira notes to enable people know the damages they are doing to the pride and image of Nigeria by abusing the national currency
at will.
At the same time, those caught doing so should be made to face the full weight of the law. Their prosecution should also be widely publicized so that people can learn from their misdeeds. That way, it is hoped that Nigerians will learn to handle naira notes with more
care.
