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CBN Goes Tough On Abuse Of Naira Note

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The Central Bank of Nigeria (CBN), has decried the growing abuse of the naira through squeezing, selling, spreading and marching on foot while dancing at public functions, hoarding by some Nigerians.

This position was made known by the Governor of Central Bank, Godwin Emefiele, – who stressed that henceforth, culprits caught in the dastardly act would be liable to a six-month imprisonment or a fine of N50, 000 or both in accordance with the Bank’s act of 2007.

Insisting that the nation’s currency should be accorded equal respect and dignity with her national flag, the Apex Bank governor, explained that the nation spends more than N100 to mint one single N100 note.

The CBN governor gave the clarification at a two-day sensitisation/enlightenment workshop organised for industrialists, manufacturers, hair dressers, bakers, members of the All farmers Association of Nigeria (AFAN), tailors and mechanics among others, which had the theme, “promoting financial stability and economic development”.

Represented by the acting director of communications of the Bank – Isaac Okoroafor, the CBN Boss said that the nation-wide sensitisation exercise, which is the second phase and which had already taken place in 34 states of the federation, was meant to inform, educate and enlighten farmers and members of the business community on ways and means to promote and sustain their business outfits.

According to him, the issuance of legal tender currency, financial price stability and maintenance of exchange rate stability, developmental functions, as well as commercial agricultural credit scheme and accelerated agricultural Development schemes, in addition to micro, small, medium scale development fund, natural collateral register, now enjoy a pride of place in the league of functions of the Bank.

During the workshop, which also featured lectures on the protection of the rights of bank customers, the assistant director, Consumers Protecting Department, Othniel Tukur Nuhu, spoke on the rights to privacy and confidentiality, right to redress to, right for enquiry from bank officials when the need arises, duties of bank customers, knowledge of statement of Accounts, knowledge of customers’ obligations, account officers and duty to protect bank instruments, among others.

According to Nuhu, the department stands on the three pillars of market conduct division, consumers’ education and complaint management division.



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