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The Central Bank of Nigeria (CBN) has issued a warning against naira abuse.

The Nigerian Central Bank has criticised the rate at which naira notes are being abused by Nigerians.

Abuse of the money, according to the apex bank, will result in a penalty of at least six months in prison or a fine.

Aladeen Badajo, an Assistant Director in the Currency Operations Department, stated this on Thursday at the start of the CBN's two-day sensitization exhibition in Abeokuta.

The goal of the program was to raise public knowledge of the CBN's economic development programs.

 Badejo asked Nigerians to think of the currency as a symbol of national identity.

He expressed concern about how Nigerians mutilate, deface, squeeze, spray, and sell naira notes, noting 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,” and 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.”

Osita Nwanisiobi, Acting Director, CBN Corporate Communications Department, said the program was vital to enable the bank to inform the public about its economic development activities and to explain the opportunities available and how every citizen could benefit.

Nwanisiobi went on to say that the CBN's policies and efforts were created to address weaknesses in some sectors and to help the country develop a robust and sustainable financial system.

Biodun Okunola of the CBN's Development Finance Department indicated that the bank had established several fundings aimed at boosting the economy with the goal of promoting small and medium-sized enterprises.

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Aladeen Badajo CBN Central Bank of Nigeria Currency Operations Department Nigerian Central Bank

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