Nigerian Central Bank Threatens Jail Time for Citizens Caught Defacing Naira Banknotes – Economics Bitcoin News

Fighting to stop the value of the naira from dropping further, the Central Bank of Nigeria (CBN) faces yet another problem: abuse of naira banknotes. According to the CBN’s Aladeen Badajo, the central bank is concerned with the rate at which Nigerians “mutilate, deface, squeeze and even spray and sell the naira notes.” He adds that as a result of this abuse, Nigeria is now spending more money on reprinting banknotes than it should.

According to a report that quotes Badajo, an assistant director at the CBN’s Currency Operations Department, offenders now face possible jail time. Badajo elaborated:

How To Get Free Crypto  

Abuse of the currency attracts a penalty of not less than six months or a fine of not less than $120 (N50,000) or both.

The assistant director adds that instead of damaging the banknotes, “people [should] consider Nigeria’s currency as a symbol of national identity.”

Meanwhile, News reached out to Nathanial Luz, a Nigerian “cryptocurrency thought leader” to understand why his countrymen continue to abuse the banknotes despite the CBN’s pleas and threats. According to Luz, Nigerians see the practice of spraying banknotes as some kind of celebration and the CBN is aware of this but has not been able to enforce a ban. Luz told News:

Nigerians go as far as buying new banknotes at a premium of 70% just so they could spray the notes. So I could buy $10,000 worth of naira banknotes for between $15,000 and $17,000 just to spray the money.

Nevertheless, Luz says he is certain that this practice has little to do with the naira’s continuing depreciation.

Do you think the renewed threats by the CBN will end the Nigerian practice of spraying banknotes? Tell us what you think in the comments section below.

Tags in this story

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Coinbase Banner  

Read disclaimer

Go to Source
Author: Terence Zimwara

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.