- Nigerians mishandling naira notes have been given a stern warning by the Central Bank of Nigeria (CBN)
- A statement by the apex bank has warned that those abusing the naira in social occasions across the country would be dealt with
- The CBN also added that it has entered an agreement with the police and the EFCC to enforce the rules
FCT, Abuja - The Central Bank of Nigeria (CBN) has said it will work with the Nigeria Police Force (NPF) and other law enforcement agencies to ensure that anyone found abusing the naira such as spraying notes on social occasions is prosecuted.
The apex bank spokesman, Mr. Osita Nwanisobi, made this known in a statement seen by Legit.ng on Tuesday, August 17.
Part of the statement read:
“The Central Bank of Nigeria (CBN) is collaborating with the Nigeria Police, Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC), and the Nigerian Financial Intelligence Unit (NFIU) to address the unpatriotic practice.
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“We, therefore, warn Nigerians, particularly those at social functions such as birthdays, weddings, and funerals, to desist from disrespecting the naira or risk being arrested by law enforcement agencies.”
Meanwhile, the deputy governor, corporate services department of the CBN, Edward Adamu, has attributed the depreciation in the value of the naira to the effects of the COVID-19 pandemic on the economy.
The Guardian newspaper reports that Adamu stated this at an interactive session with the House of Representatives committee on finance on Monday, August 16.
He explained that the exchange rate was determined by the forces of demand and supply and that there were three main avenues by which Nigeria got its foreign exchange.
Nigeria tops global cryptocurrency adoption
In a related development, Nigeria leads the world in the adoption of cryptocurrency in 2021, a new crypto industry research report by the largest digital asset platform, Binance, states.
In the Binance report titled, 'The World Goes Crypto: Top 5 Countries Adopting Crypto and How BUSD Helps.' Nigeria was ranked top based on the volume of adoption.
Nigeria beat the world by a 32% adoption rate, with Vietnam, Philippines, Turkey, and Peru falling behind with 21%, 20%, 16%, and 16% respectively.
Nigerian government to tackle cryptocurrency market with regulatory digital coin
The report of Binance was released a month before the CBN releases its government-supported digital currency in October this year.
The CBN has severed ties between banks and exchanges while outlawing unregulated bitcoin and altcoins for payment or store of value within the country.
The Nigerian digital currency is expected to serve as an alternative to the popular cryptocurrencies but will be regulated by the apex financial institution.