The Central Bank of Nigeria (CBN) had on several occasions cautioned the public against abusing the Naira.
The Federal High Court sitting in Ikoyi, Lagos State on Tuesday sentenced a Chinese national, Li Lei Lei, to 24 months imprisonment for mutilating the Nigerian currency, Naira.
Li Lei Lei was arrested by the operatives of the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Command and arraigned before Justice I. Nicholas Oweibo, on four counts bordering on tampering with the Nigerian Naira note, an offence contrary to and punishable under Section 21(1) of the Central Bank of Nigeria Establishment) Act.
Justice Oweibo on Tuesday found the accused guilty as charged and sentenced him to two years imprisonment.
The Central Bank of Nigeria (CBN) had on several occasions cautioned the public against abusing the Naira.
For instance, in May 2021, the Principal Manager, Currency Operations Department, Mrs. Dorothy Onyene, urged traders and other Nigerians to stop abusing the Naira.
Onyene condemned the way some Nigerians mutilate, fold, and deface the Naira, saying, “It is a punishable offence to abuse the Naira. Defaulters are liable to six months imprisonment and/or N50,000 fine.
“Improper handling of the notes, including mutilation, hawking, squeezing and spraying money at events would not be tolerated.”