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CBN intensifies fight against currency abuse in Imo


Godwin Emefiele

Worried by the increasing menace of the currency abuse, including spraying, matching, and other forms of destruction of the nation’s Naira, the Central Bank of Nigeria (CBN), Governor, Godwin Emefiele, has warned everyone to be mindful of how they use the currency.

Represented by the Acting Director, Corporate Communications of the CBN, Isaac Okorafor, during the bank’s opening event of two-day fair with the theme, “Promoting Financial Stability and Economic Development” held yesterday in Imo state, he alerted that soon, a team of security agencies would swoop on defaulters who spray the Naira and destroy them at weddings and other occasions, reminding that the law was clear on the consequences as offenders would face six months imprisonment or N50, 000 fine or even both.


At the occasion witnessed by the Imo State branch controller of the bank, Georgiana Nwankwo, among other officials, artisans and grassroots persons, he disclosed that raids on offenders has commenced, saying that the sensitization on the activities of the bank had commenced, while other forms of awareness have taken place in 34 states of the federation.

He further expressed dissatisfaction with some commercial banks that do not sort out battered currencies for replacing of re- printing, accusing them of evading the cost of sorting them.

In the event that featured resource persons, Emefele, warned investors against investing their money on any social media sponsored money recycling or money yielding venture which could result to fraud. He also warned against any such training.

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