CBN To Try Naira Abusers In Mobile Court

CBN To Try Naira Abusers In Mobile Court

The Central Bank of Nigeria (CBN) is seeking to enforce a law that enables abusers of the Naira notes to be tried in a mobile court.

This information was made public during a press briefing after the Bankers’ Committee meeting in Lagos on Thursday.

Also Read: Passive Funds Are Trouncing Active Funds – Be Informed

The Director, Corporate Communications Department, Central Bank of Nigeria, Isaac Okorafor, said that anyone found squeezing, hawking, spraying or trampling on naira notes at any ceremony would be arrested and tried at the mobile courts.

He stated, “We realised that it costs a lot of money to print the Nigerian naira notes; we also realised that the CBN Act, 2007 forbids any action by anybody either by spraying or squeezing or trampling upon it, writing on it, or hawking it.

“That Act makes it punishable by six months’ imprisonment, or the offender pays a fine of N50,000 or both.

“And so, it is not only hawking it but also if at a party, somebody dances upon the money or sprays it, that person automatically goes to jail from that reception. So, Nigerians should bear that in mind and we are serious about it”.

Okorafor also explained the CBN is collaborating with relevant agencies of government, Ministry of Justice, the judiciary and the Nigeria Police Force on implementation.

“It is the duty of the law enforcement agencies to catch offenders and take them to court, and we have been collaborating with the Nigeria Police Force on this mobile court, and that collaboration will be intensified,” he added.

 

We think you'd love these too...

Related posts

Leave a Reply

Your email address will not be published. Required fields are marked *