/CBN blames dirty, mutilated Naira notes on poor handling
CBN blames dirty, mutilated Naira notes on poor handling

CBN blames dirty, mutilated Naira notes on poor handling

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The Central Bank of Nigeria, CBN, on Monday blamed the increasing amount of dirty and mutilated Naira notes in circulation on poor and improper handling.

The Director, Corporate Communications Department of CBN, Isaac Okoroafor, made this assertion in Ilorin, Kwara State, during a sensitization programme tagged, “Promoting sustainable economic development in the country.”

The two-day programme is designed to make Nigerians know their rights with commercial banks.

Okoroafor was represented by the Assistant Director in the department and National Coordinator of the fair, Samuel Okegbue.

The audience was made up of market women, operators of small and medium scale enterprises, farmers and artisans.

He said many Nigerians did not respect Naira notes as a pride of the nation hence had been treating it wrongly, especially at parties.

He warned that the law against mutilating the Naira prescribed six-month imprisonment or a fine of N50,000 or both on anybody found guilty of mutilating or marching on the Naira at parties.

Speaking on the rights of Nigerians, he said it was unfortunate that many Nigerians did not know their rights in their dealings with commercial banks, thus making them suffer some losses.

According to him, “some of the commercial banks make illegal deductions from their accounts.”

He also stated why many could not access facilities from banks.

One of the reasons for that, he said, was because some could not differentiate between working and fixed capital.

Besides, he said, many did not have bank accounts.

“The fair is to sensitise our people on how to take records of what they have, as this will enable them to know how to organise their businesses well.

“CBN is poised to make polices that are people-focused. CBN is monitoring to make sure that bank customers do not get unwarranted charges from their banks.

“We want to have detailed discussion about development finance initiatives of CBN. Many Nigerians do not know how to access initiatives as they don’t have bank accounts.”