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Stop abusing naira notes – CBN warns traders, farmers others



Stop abusing naira notes - CBN warns traders, farmers others

The Central Bank of Nigeria (CBN) has cautioned farmers, traders, pharmaceuticals owners and other stakeholders against abuse of nation’s currency, including its mutilation.

The Principal Manager, Currency Operations Department, Mrs. Dorathy Onyene, stated this in Awka at a 2-day sensitization programme, themed, “Promoting Financial Stability and Economic Development”

She expressed displeasure over improper handling of the notes, including hawking, squeezing and spraying money at occasions, reminding defaulters of the penalty of six months imprisonment or N50,000 fine or both.

She described the currency as the pride of the nation and must be accorded the respect and dignity it deserved.

She said, “It pains us the way some of us handle our currency. Our naira notes looks dirty, smelling and defaced when compared to other countries’ currencies handled properly.

“Regrettably, the same people that abuse the naira will not only reject mutilated notes, but jealously handle other foreign currencies in their custody.

“If the abusers of the naira notes know how much it takes to print a single note, I don’t think they will go ahead to mutilate it. The money that would have been used for basic infrastructures, is being wasted in printing notes.”

Earlier, Branch Controller, Awka, Mr. Benedict Maduagwu said the programme was targeted at further enlightening the public on the various packages of the apex bank and how accessible they were.

Maduagwu who decried the low turnout of stakeholders to the event, despite much publicity, however expressed joy over the numerous industrialists that had accessed various forms of loans to improve their businesses.

While pledging CBN continuous support to business interventions, the Branch Controller was optimistic that the event would help build confidence in the nation’s financial system.

Profile: From Ozuitem, Bende Local government Area of Anambra State. Political science (B. Sc) from Nnamdi Azikiwe University, Awka & Business Administration (Diploma) from the University of Calabar. Email him at

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