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CBN deplores mishandling of naira, arrests abusers


The Central Bank of Nigeria (CBN) has decried the mishandling of the nation’s currency, adding that it had commenced the arrest of the abusers.

Head, Corporate Communication Department of the apex bank, Isaac Okoroafor, during a one-day interactive enlightenment session with labour leaders on measures by the last lender of resort to ensure stability in the financial system and the economy in Owerri at the weekend, said his organisation was trying a number of persons for abuse of the naira, stating that the re-printing of the notes costs the country a huge amount of money that could have been invested in other areas to boost the economy.

His words: “The CBN Act makes it an offence punishable with a N50,000 fine or a jail term or both for anybody who squeezes, writes on the naira, dances on it or who sprays it. Some people have been arrested for that and are facing trial. And we are going to continue to make arrests.


“So, we are telling Nigerians to stop it because anybody arrested would go in for it. We urge the citizens to please respect our note (naira) because it is a symbol of our national sovereignty.”

He added that the apex bank had made efforts to assist youths into software applications, movie and music industries to obtain loans for the betterment of the Nigerian economy.

Okoroafor stated that with such assistance, kidnapping, violence, crimes and banditry would be tackled effectively.

He added: “At Central Bank (of Nigeria), our emphasis today is on growth, to ensure that Nigerians who have the energy and who are creative, but who lack finance, are given finances to unlock and unleash their creative energies and potentials to encourage creation of jobs for our teeming population and economic development.”

The Vice President, Nigeria Labour Congress (NLC), Comrade Issa Aremu, lauded the CBN for initiating creative monetary and development finance strategies to enhance financial stability and economic growth.

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CBNIsaac OkoroaforNaira
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