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CBN in Collaboration with Law Enforcement Agencies to Prosecute Naira Note Swindlers

The Central Bank of Nigeria has warned that naira note swindlers will be prosecuted by the monetary controller in collaboration with other administrative bodies such as the Nigeria Police Force, Federal Inland Revenue Service, Economic and Financial Crimes Commission, and Nigerian Financial Intelligence Unit.

Image: Good Example of Naira Swindling at a Social Function.
Image: Good Example of Naira Swindling at a Social Function.

According to the CBN, the admonition was prompted by the activities of certain individuals who openly abuse Nigeria’s Currency at social functions like Burial, Wedding amongst others.

Misusing, destroying, and peddling naira notes at gatherings, according to the Zenith Bank, contravenes Section21(3) of the Central Bank of Nigeria Act 2007.


The bank revealed this in a statement issued on Tuesday by the acting Director of Corporate Communication, Osita Nwanisobi, titled “CBN, Police, Others to Arrest Naira Abusers.”

To some extent, it read, “The Central Bank of Nigeria’s attention has once again been drawn to the activities of people, who openly misuse the legal tender by heaving wads of naira notes all around and stepping on the cash at social arrangements.”

“There have also been instances where people have abused the naira, destroying it, selling it at gatherings, and rejecting it in certain circumstances. It should be stated that, contrary to the actions of these traitorous individuals, it is neither social nor moral for individuals to undervalue the currency in which residents trade.

“To avoid doubt, Section21(3) of the Central Bank of Nigeria Act 2007 states that’splashing, moving, or coordinating on the naira or any note given by the Bank during social events or in any other case howsoever which constitute misuse, and mutilating of the naira or such note will be culpable under the law by fines or detention or both’.

“To address this perilous practice, the Central Bank of Nigeria is collaborating with the Nigeria Police, the Federal Inland Revenue Service, the Economic and Financial Crimes Commission, and the Nigerian Financial Intelligence Unit.”

In this manner, the CBN warned Nigerians, particularly those in social capacities such as birthday celebrations, weddings, and burial services, to refrain from insulting the naira or risk being apprehended by law enforcement agencies.

“The naira is our legal tender and a symbol of public pride. Allow us to be mindful of it and treat it with care “the assertion was added

Ebuka Val

Born April 13th, I am the C.E.O and Founder Of I love writing articles, Playing Football with friends, and Mathematics.
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