Defacing Nigeria Currency Will Now Earn You Jail Time; CBN Warns

CBN Announces New USSD Charges for Customers

The Central Bank of Nigeria has condemned the rate at which Nigerians mutilate, deface, squeeze and even spray and sell the naira notes.

The apex bank threatened that “abuse of the currency attracts a penalty of not less than six months or a fine of not less than N50,000 or both.” An Assistant Director at the Currency Operations Department, Aladeen Badajo said this on Thursday during the commencement of the CBN two-day sensitization fair held in Abeokuta.

In his presentation, Badejo urged the people to consider Nigeria’s currency as a symbol of national identity. Badejo who stressed the need to handle the banknotes with care and dignity expressed concern over the huge amount being spent on reprinting them.

He said, “Abuse of the currency attracts a penalty of not less than six months or a fine of not less than N50,000 or both.”

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