The CBN Act of 1958, established the Central Bank of Nigeria, it commences operation July 1959.
Thus, the major regulatory objectives of the bank as stated in the CBN Act includes but not limited to: Maintaining the external reserves of the country, promoting monetary stability and a sound financial adviser of the federal government.
History has it that Nigerians and foreigners alike are found of disrespecting the naira with unquantifiable disdain cum disrespect.
However, exactly eight days ago, specifically, Thursday, April 12, 2024, Justice Abimbola Awogboro of the Federal High Court, Lagos, sent the controversial cross- dresser Idris Olanrewaju Okuneye, popularly known as Bobrisky to the correctional centre without option of fine for abusing the Nigeria currency Naira.
The counts against him reads:
“That you, Okuneye Idris Olarenwaju, on the 24th day of March 2024, at Imax Circle Mall, Jakande Lekki, within the jurisdiction of this Honourable Court, whilst dancing during social event tampered with the total sum of N400, 000.00 ( four hundred thousand naira) notes issued by the Central Bank of Nigeria by spraying same and you thereby committed an offence punishable under the section 21 (1) of the Central Bank Act, 2007.
The stories goes on and on, with celebrities already seeking the court clemency, having realized the impending dangers lying ahead.
Now, below are the often over looked but unconstitutional ways you may have been treating the naira (naira abuse), hence you must take note and make corresponding adjustment(s).
1. Spraying: It is against the law to spray the Naira banknotes at occasions
2. Writing: It is against the law to write on bank notes.
3. Stapling: it is against the law to staple the banknotes as the pin can cause corrosion of the bank notes.
4. Tearing: It is also against the law to tear the bank notes
5. Soiling: It is against the law to tear the bank notes
6. Sale: It is against the law to sell currency banknotes
7.Mutilation: A person who tampers with the Naira notes or coin is guilty of an offence, punishable by law (CBN ACT Section 21).
8. Rejection: It is against the law to reject the Naira ( Section 20 subsection 5)
