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+--- Thread: CBN:Abuse Naira Note And Six months Imprisonment (/showthread.php?tid=3122)
CBN:Abuse Naira Note And Six months Imprisonment - Adesewa - 01-02-2018
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The Central Bank of Nigeria ( CBN) organised a “ CBN FAIR ” in Calabar the other day where it used the opportunity to create awareness and sensitise the public on the “ appropriate use ” of the Naira , Nigeria ’ s legal tender notes.
CBN, also “ cautioned Nigerians against abusing the Naira notes , warning that anyone caught would risk six months imprisonment or pay a fine of N 50 , 000 . ”
It is essential to recall that according to Section 21 ( 3 ) of CBN Act 2007 “ spraying of , dancing or matching on the Naira or any note issued by the Bank (CBN ) during social occasions or otherwise howsoever shall constitute an abuse and defacing of the Naira or such note and shall be punishable under Sub - section 1 of this section . ”
The law , in Section 5 (i ) goes further to define “ Matching” to include “ spreading , scattering or littering of any surface with any Naira notes or coins and stepping thereon , regardless of the value , volume , occasion or intent ” while in 5 ( ii ) “ Spraying ” includes adorning , decorating or spraying anything or any person or any part of any person or the person of another with Naira notes or coins or sprinkling or sticking of Naira notes or coins in a similar manner regardless of the amount, occasion or the intent . ”
In Section 21 (4 ) , it is also a punishable offence for “ any person to hawk, sell or otherwise trade in the Naira notes, coins or any other note issued by the Bank. ”
The stated offences above are punishable under Sub - section 21 (1 ) which provides , among other things that , a person “ shall on conviction be liable to imprisonment for a term not less than six months or to a fine not less than N50 , 000 or to both such fine and imprisonment . ”