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11 Jul 2019

Defacing The Naira Is A Criminal Offence - CBN Warns Nigerians

The Central Bank of Nigeria has warned Nigerians to restrain from defacing the Naira, describing such act as criminal and an affront on national pride.

According to the apex bank, the Naira, like the National flag remains a symbol of Nigeria’s nationhood and sovereignty, hence the need to respect and preserve it.
The bank disclosed this on Thursday in Osogbo, the Osun State capital during a programme tagged ” CBN Fair” with the theme : Promoting Financial and Economic Stability ” which was specifically organised to sanitise the residents on some of CBN policies and programmes.

Speaking at the event, the Director, Corporate Communications Department of the bank, Mr Isaac Okorafor, who was represented by the Assistant Director in the department, Mr Samuel Okogbue said spraying of notes, squeezing and writing on it constitute grievous offences that attract penalty in the face of law.

He, however, emphasised the need to develop the local manufacturing industries and create employment for the teeming youths, as he implored residents to be conscious of indigenous goods and be patriotic enough to patronise it.

“We cannot continue to patronise foreign goods and expect the economy to grow to the extent of accommodating our teeming unemployed youths; we must start making our indigenous goods a priority in our choice of demand”.

He further explained the concept of ‘Anchor Borrowers’ Programme’ of the CBN as a way of reviving agriculture and initiating collaboration with anchor companies that are into production and processing of key agricultural commodities.

“The Anchor Borrowers’ Programme will help local farmers to increase production and supply of feedstock to processors, reduce importation and conserve Nigeria’s external reserves.

“Under the scheme, anchor firms serve as off-takers in recognition of their track record and experience in working with out-growers involve in production. The scheme involves a finance model whereby the anchor firms, CBN, NIRSAL and state governments organise the out-growers and ensure that they comply with contractual terms”, Okorafor said.

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