Politics
CBN Cracks Down on Naira Misuse, Highlights Eight Illegal Practices
In a decisive move to protect the integrity of the Nigerian currency, the Central Bank of Nigeria (CBN) has outlined eight specific actions that constitute the misuse of the Naira, aligning with its Clean Notes Policy aimed at preserving the banknotes’ appearance and longevity.
Nigeria’s apex bank disclosed this on its website to educate citizens on Clean Notes Policy.
This recent public enlightenment initiative comes in the wake of the high-profile case involving Nigerian socialite Pascal Okechukwu, also known as Cubana Chief Priest, who was arraigned by the Economic and Financial Crimes Commission (EFCC) and subsequently released on a N10 million bail after pleading not guilty.
The focus on currency misuse also follows the recent sentencing of Idris Olanrewaju Okuneye, known as Bobrisky, to six months in prison for similar offenses, highlighting the judiciary’s support of the CBN’s stance against the mistreatment of the Naira.
The CBN’s announcement serves as a stark reminder of the legal responsibilities surrounding the handling of the nation’s currency.
The apex bank emphasized that it holds the sole authority to issue Naira and kobo, as stipulated in Sections 17, 18, and 19 of the CBN Act.
It further warned that counterfeiting or possession of counterfeit notes is a serious offense, punishable by up to five years’ imprisonment without the option of a fine, under Section 20 of the same act.
The eight illegal activities highlighted by the CBN include spraying banknotes at events, writing on them, stapling, tearing, soiling, selling, mutilating, and rejecting the Naira.
Abuse of the Naira
1. Spraying: It is against the law to spray the Naira banknotes at occasions.
2. Writing: It is against the law to write on banknotes.
3. Stapling: It is against the law to staple the banknotes as the pins can cause corrosion of the banknotes.
4. Tearing: It is also against the law to tear the banknotes
5. Soiling: It is against the law to dance/stamp on the Naira banknotes. Do not stain the banknotes with oil or ink, as this is also a form of defacing.
6. Sale: It is against the law to sell currency banknotes.
7. Mutilation: A person who tampers with the Naira note or coin is guilty of an offence, punishable by law (CBN Act Section 21).
8. Rejection: It is against the law to reject the Naira (Section 20 subsection 5).
Also, the CBN mentioned five implications of improper handling of the Naira, which are given below:
1. Increase in currency management costs due to the high cost of banknotes replacement.
2. Defaced/torn banknotes slow down sorting process resulting in lower output of clean banknotes.
3. Erodes the sense of pride and confidence that Nigerians should feel in their currency.
4. Any form of defacement of the currency is a form of ridicule on the nation.
5. Prevalence of dirty banknotes in circulation is potential health hazard to the citizenry.
Fawaz Adebisi
Ademola Adeleke, the governor of Osun State has given consent to the readjustment of workdays for civil servants in the state.
This was made known on Tuesday through a circular from the Office of the Head of Service, Samuel Aina Ayanleye and issued in a statement by Olawale Rasheed, the spokesperson of the Osun State Governor.
As gathered, this is in response to the high transportation costs in Nigeria.
Adeleke made this move few weeks after its neighboring state, Ogun state reduced its civil servants workdays to 3 per week.
However, in addition, the circular stated that Ademola also approved an extension of payment of palliatives for public servants for the next two months.
Also, it stated that the action was in pursuance of Governor Adeleke’s commitment to the well-being of workers, and a response to the present economic situation in the Country.
“By this Circular, therefore, and until another directive is given, the working day schedules for Public Servants in the state have been approved as follows:
“Public Servants on GL.01 to GL.10 – Three days a week. Public Servants on GL12 to GL.17 – Four days a week.”
The Circular further noted that the arrangements exclude those on essential duties such as medical personnel, security officers, political office holders and Accounting Officers.
“It is also important to note that arrangements as to which days each public servant in the above categories will be at work shall be arranged by the Accounting Officers in Ministries, Departments and Agencies of government.
“The Governor has also graciously approved the continuation of payment of the agreed palliatives to public servants in the state for the next two months pending the commencement of the new minimum wage.
“All Accounting Officers of Ministries, Departments and Agencies of governments, including local governments, were further directed to comply.”
Fawaz Adebisi
The Ooni of Ife, Oba Adeyeye Ogunwusi has assured Nigerians that normalcy will return to the land, preparing to go into his seven days seclusion.
The monarch, in a statement through his spokesperson, Moses Olafare on Monday said the rite is the most sacred moment for him on the throne which he utilises to interact with his ancestors and pray for the people, the Oduduwa race worldwide, as well as mankind in general.
According to the statement, Ogunwusi stressed that his major request during the rite would be the betterment of the people in the country.
He said,”this time around, I want To pray and seek for the face of our Creator to intervene on the current economic situation.
“Things are very tough and people are feeling the hardship, I want to pray for all and sundry and specially urge the youths to exercise patience so that we will not used our hands to destroy our country.
“I know that people are passing through difficult periods in which they are not finding life easy and truly this is a challenging period.
“But I know that after this festival, normalcy will return to the country, as the problems we’re facing will soon come to an end,” Ooni said.
Also, he urged the government to be diligent in serving the populace by making bountiful dividends of democracy for the citizenry.
Fawaz Adebisi
The Abia State Government has set a date to start implementing the new minimum wage.
Okey Kanu, the state Commissioner for Information revealed on Monday that the minimum wage implantation will kick off by October.
Kanu said this while briefing the press on the outcome of the week’s State Executive Council meeting chaired by the state governor, Alex Otti.
In his words, “will cut across all categories of workers.”
Speaking of other outcomes of the meeting, he stressed that the state government is also set to commence the construction of 17 court halls across the 17 local government areas of the state.
He further disclosed that the state Ministry of Health will next week organise a free medical outreach at Ugwunnagbo.
In the same vein, he added that there would be free medical consultations, maternal and child healthcare services and free diagnostic tests.
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