Apparently worried by the state of the Naira notes in circulation around the country, Nigeria’s apex bank, the Central Bank of Nigeria (CBN) has hinted at the establishment of a mobile court to prosecute individuals who are caught abusing or defacing the Naira note.
Also supporting the decision of the CBN are bankers across the country who expressed their willingness to enforce the law against the abuse of Naira notes by setting up mobile courts to punish violators of the currency.
The policy was discussed at the recently concluded Bankers’ Committee meeting in Lagos on Thursday where the Director, Corporate Communications Department, of the CBN Mr. Isaac Okorafor, reiterated that individuals caught squeezing, hawking, spraying or trampling on Naira notes at any ceremony would be arrested and tried at the mobile courts set up by the Apex Bank across the country.
He continued further;
“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.”
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The CBN Director further revealed that the Apex bank was collaborating with relevant agencies of government, Ministry of Justice, the judiciary and the Nigeria Police Force on enforcement of the law.
“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.
The banks also made other resolutions at the meeting including channelling funds in bank reserves built over time towards agriculture and the manufacturing sectors where it would have the greatest impact on the economy.
They explained that the implementation of the decision will enhance food sufficiency in the country which will lead to a decrease in pressure on the country’s foreign reserves.