CBN identifies 8 ways Naira can be abused
Abuse of the Naira
- Spraying: It is against the law to spray the Naira banknotes at occasions.
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Writing: It is against the law to write on banknotes.
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Stapling: It is against the law to staple the banknotes as the pins can cause corrosion of the banknotes.
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Tearing: It is also against the law to tear the banknotes
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Soiling: It is against the law to dance/stamp on the Naira banknotes. Do not stain the banknotes with oil or ink, as this is also a form of defacing.
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Sale: It is against the law to sell currency banknotes.
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Mutilation: A person who tampers with the Naira note or coin is guilty of an offence, punishable by law (CBN Act Section 21).
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Rejection: It is against the law to reject the Naira (Section 20 subsection 5).
Also, the CBN mentioned five implications of improper handling of the Naira, which are given below:
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Increase in currency management costs due to the high cost of banknotes replacement.
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Defaced/torn banknotes slow down sorting process resulting in lower output of clean banknotes.
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Erodes the sense of pride and confidence that Nigerians should feel in their currency.
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Any form of defacement of the currency is a form of ridicule on the nation.
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Prevalence of dirty banknotes in circulation is potential health hazard to the citizens