Shocking Penalties for Naira Abuse You Need to Know!

The Clean Note Policy was put into effect by the Central Bank of Nigeria (CBN) as a comprehensive framework to control the printing, issuing, and distribution of banknotes.

This strategy was created to support effective currency management while preserving the Naira's integrity, purity, and broad acceptance.

Combating the misuse and mishandling of Naira banknotes, which reduces their physical durability and raises the cost of replacing damaged currency, is the main goal of the program. The CBN hopes to prevent damaging activities that reduce the lifespan of banknotes and promote a culture of safe currency management among individuals through public awareness initiatives.

The CBN Act's Naira and Kobo provisions set forth the legal basis for currency management and define sanctions for Naira-related infractions. important portions of the Act. According to Sections 17, 18, and 19 of the Act, the CBN is the only entity permitted to issue Naira and Kobo notes.

Fake goods

According to Section 20, counterfeiting Naira notes is a serious crime that carries a maximum sentence of five years in jail without the possibility of a fine.

Section 21 of the Act forbids practices like spraying or writing on banknotes at social gatherings, and those who engage in these activities risk legal repercussions.

Section 21 criminalizes defacement, which includes actions such as shredding, stapling, soiling, or discoloring banknotes.