Wednesday, May 23, 2018
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Renaissance Capital, a leading emerging and frontier markets investment bank, opened its 9th Annual Pan-Africa 1:1 investor Conference in Lagos on Wednesday.

Following the increasing rate of mutilated currencies, the Central Bank of Nigeria (CBN) has again urged Nigerians to handle the Naira with care, as it was a symbol of the nation’s identity and pride.

Speaking in Abuja at the CBN’s 2018 International Museum Day celebrations, Deputy Governor, Corporate Services Directorate, Edward Adamu, said the CBN housed the Currency Museum, which explained the evolution of money in Nigeria from the pre-colonial era to the contemporary times.

According to him, CBN hoped that through the activities of the Currency Museum, members of the public would be better educated on how to properly handle the naira and other related matters.

“The Naira as a symbol of our national pride should not be sprayed or step on, should not be squeezed, defaced or stained. The naira should not be sold or counterfeited. Be a role model by neatly arranging the Naira in pouches, wallets or envelopes, he said.

Also, the Deputy Director, Currency Operations Department, Mr. Vincent Wuranti, said the way and manner people handled the Naira affected its life span.

He explained that a lot of effort was put into the design and production of the nation’s currency, hence the need to respect it.

According to him, the different banknotes feature portraits of Nigerian heroes, agriculture, solid minerals and other things that illustrate the Nigerian culture and economy.

He said that  Section 21 of the CBN Act 2007 states that the abuse of Naira such as squeezing,  staining,  writing,  spraying and illegal sales amongst others are punishable offences.

The act states that the offender must pay nothing less than N50, 000 or face a jail term of six months or both.

Section 20 (4) of the CBN act 2007 provides penalty of not less than five years in jail for counterfeiting the Naira with no option of fine.]

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