Nigeria’s Central Bank kicks off campaign against Naira abuse

Emefiele urges synergy between Monetary, fiscal authorities to promote economic growth
The Central Bank of Nigeria (CBN) has commenced its campaign against abuse of all denominations of the nation’s currency with a warning that stiff penalties including a fine of N50,000  or six months imprisonment or both could be imposed on those found guilty of the offence in line with Section 1 of the Banking Act.
United Bank for Africa

Speaking at the opening of the campaign held at Gwadangaji Mall Conference Hall in BirninKebbi, campaign team leader, AlhajiAliyuKatuka, said the programme came at the right time after the bank received complaints from different sections of society at different forum on the increase in the naira abuse particularly by traders and underaged children.

He further stated that at the end of the sensitisation forum, participants would go back home to enlighten the general public on dangers of naira abuse.

The participants, according to him, were drawn from financial institutions, associations, clubs members and traders, among others.

He implored the general public to give the CBN the necessary cooperation and support to achieve its set objectives.

Also speaking, Acting Branch Controller, CBN, BirninKebbi, Usamatu A. Abdullahi, stressed the need for the leadership of the bank to extend the campaign to all states of the federation, if really it is to achieve the purpose.