Nigerian Central Bank Threatens Jail Time for Citizens Caught Defacing Naira Banknotes

Nigerian Central Bank Threatens Jail Time for Citizens Caught Defacing Naira Banknotes
фото показано с : news.bitcoin.com

2021-6-16 17:00

Fighting to stop the value of the naira from dropping further, the Central Bank of Nigeria (CBN) faces yet another problem: abuse of naira banknotes. According to the CBN’s Aladeen Badajo, the central bank is concerned with the rate at which Nigerians “mutilate, deface, squeeze and even spray and sell the naira notes.” He adds that as a result of this abuse, Nigeria is now spending more money on reprinting banknotes than it should.

According to a report that quotes Badajo, an assistant director at the CBN’s Currency Operations Department, offenders now face possible jail time. Badajo elaborated:

Abuse of the currency attracts a penalty of not less than six months or a fine of not less than $120 (N50,000) or both.

The assistant director adds that instead of damaging the banknotes, “people [should] consider Nigeria’s currency as a symbol of national identity.”

if (!window.GrowJs) { (function () { var s = document.createElement('script'); s.async = true; s.type = 'text/javascript'; s.src = 'https://bitcoinads.growadvertising.com/adserve/app'; var n = document.getElementsByTagName("script")[0]; n.parentNode.insertBefore(s, n); }()); } var GrowJs = GrowJs || {}; GrowJs.ads = GrowJs.ads || []; GrowJs.ads.push({ node: document.currentScript.parentElement, handler: function (node) { var banner = GrowJs.createBanner(node, 31, [300, 250], null, []); GrowJs.showBanner(banner.index); } });

Meanwhile, Bitcoin.com News reached out to Nathanial Luz, a Nigerian “cryptocurrency thought leader” to understand why his countrymen continue to abuse the banknotes despite the CBN’s pleas and threats. According to Luz, Nigerians see the practice of spraying banknotes as some kind of celebration and the CBN is aware of this but has not been able to enforce a ban. Luz told Bitcoin.com News:

Nigerians go as far as buying new banknotes at a premium of 70% just so they could spray the notes. So I could buy $10,000 worth of naira banknotes for between $15,000 and $17,000 just to spray the money.

Nevertheless, Luz says he is certain that this practice has little to do with the naira’s continuing depreciation.

Do you think the renewed threats by the CBN will end the Nigerian practice of spraying banknotes? Tell us what you think in the comments section below.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Nigerian Naira (NGN) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 NGN

naira bank central banknotes cbn nigerians rate

naira bank → Результатов: 12


Фото:

Nigeria Bureau De Change Association Boss Accuses Speculators of Destabilizing the Naira— Says Central Bank Funding Will End Currency Woes

According to the head of the Nigerian group of bureau de change operators, the naira’s continued fall on the parallel market is down to the activities of speculators. However, Aminu Gwadabe, the president of the Association of Bureau de Change Operators of Nigeria (ABCON), suggests that only a “massive funding” of bureau de change (BDC) […]

2021-5-22 15:00


Фото:

Nigerians Shun Local Currency— Seek to Protect Wealth From Inflation and Currency Depreciation with Foreign Currency

Nigerians are thought to be accumulating foreign currencies which they believe will protect their wealth from the naira’s volatility as well as the surging inflation. Further, as a research paper in a journal published by the Central Bank of Nigeria (CBN) found, Nigerians’ use of dollars exceeds IMF’s 30% threshold. Exchange Rate Volatility and Currency […]

2021-4-23 13:30