Naira Note Damage: Unraveling The Penalties And Consequences For Mutilation Offenses

Naira Note Damage: Unraveling The Penalties And Consequences For Mutilation Offenses....KINDLY READ THE FULL STORY HERE▶

The improper handling of Naira notes is not just a minor infraction; it’s a serious breach with wide-ranging repercussions, impacting both the economy and public welfare while undermining the integrity of the financial system.

Over time, currency violations have gone largely unchecked, with influential figures like politicians and prominent business personalities openly flouting laws during events such as birthdays or funerals.

Naija News has learned that the National Orientation Agency (NOA) plans to launch awareness campaigns aimed at educating the public on the proper handling of the Naira.

Recently, the Economic and Financial Crimes Commission (EFCC) made headlines by apprehending the controversial figure, Idris Okuneye, popularly known as Bobrisky, for currency mutilation and Naira abuse.

In a significant move, the Central Bank of Nigeria (CBN) announced in February 2024 its commitment to cracking down on individuals involved in the illicit sale of newly redesigned banknotes and those openly misusing currency at social gatherings nationwide.

In collaboration with law enforcement agencies, the CBN is actively pursuing and penalizing individuals found guilty of misusing the new currency notes, in accordance with relevant legislation.

According to the CBN, damaging or altering Naira notes or coins constitutes a punishable offence under Section 21 of the CBN Act.

Sections 20 and 21 of the CBN Act of 2017 explicitly prohibit activities such as hawking, spraying, squeezing, dancing on, or writing on Naira notes. Offenders, upon conviction by mobile courts, may face a six-month jail term or a fine of N50,000.

Under Section 21(3) of the Central Bank of Nigeria Act 2007 (as amended), actions like spraying, dancing, or stepping on the Naira during social gatherings are considered abuse and defacement of the currency, carrying potential fines, imprisonment, or both.

Similarly, Section 21(4) of the Act makes it an offence for any person to engage in the sale, trade, or hawking of Naira notes, coins, or any other currency issued by the Bank.

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