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CBN warns on ‘money bouquets,’ to arrest perpetrators
The Central Bank of Nigeria (CBN) has updated the list of actions that constitute an abuse of the naira notes.
In a post on its Twitter handle on Friday, CBN described money bouquets as illegal.
The practice has become popular among Nigerians who offer bundles of currency as a gift to celebrants during social events.
The apex bank asked its 1.2 million followers to report persons abusing the naira notes.
The CBN also listed spraying, selling, squeezing, and defacing of the naira as some of the actions that attract a prison sentence or fine.
The apex bank had last week threatened to arrest persons abusing the Naira.
Read also:CBN debunk claims, says Nigeria has capacity to print new naira notes
Citing the CBN Act 2007 (As amended) and Section 21(4), the financial sector regulator said: “It shall also be an offence punishable under Sub-section (1) of this section for any person to hawk, sell or otherwise trade in the Naira notes, coins or any other note issued by the Bank.
“The Central Bank of Nigeria (CBN) is collaborating with the Nigeria Police, Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC), and the Nigerian Financial Intelligence Unit (NFIU) to address the unpatriotic practice.
“We, therefore, warn Nigerians, particularly those at social functions such as birthdays, weddings, and funerals, to desist from disrespecting the Naira or risk being arrested by law enforcement agencies.”
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