Nigerian crossdresser Bobrisky recently drew public attention to the existence of the Clean Note Policy, a legal document, whose violation could land erring individuals in jail for abuse of the naira note.
The Economic and Financial Crimes Commission (EFCC) arraigned Bobrisky in court, where he faces four charges related to the mutilation of N490,000 worth of naira notes.
Like many Nigerians, Bobrisky said he was unaware that spraying, stepping on naira notes (while dancing at a party or public gathering), or mishandling it could be a gateway to being behind bars.
What you should know about the ‘naira note law’
The Clean Note Policy was instituted by the Central Bank of Nigeria in 2007 to improve the physical appearance and lifespan of the banknotes in circulation.
The concept of the Clean Note Policy, according to CBN, requires that the production, issuance of new banknotes and recirculation by the DMBs and CPCs conform to the predetermined standards of Naira banknotes in circulation in good condition to allow for processing and free acceptability by the general public.
The Banknote Fitness Standards provide the general public with clear, acceptable criteria for determining the quality of banknotes in circulation. It shows the stages of degradation by soiling and limpness and thus defines the acceptable threshold for fit notes in circulation.
The fitness criteria include the durability and functionality of security features on the notes, banknote structure and durability, and banknote quality, i.e. print and appearance of notes.
Section 21 (1) of the CBN Act, states that “A person who tampers with a coin or note issued by the bank is guilty of an offence and shall, on conviction, be liable to imprisonment for a term not less than six months or to a fine not less than N50,000 or to both such fine and imprisonment.”
Abuse of the Naira
The following are considered extreme and abusive handlings of the naira note: Any of these could land violators in jail.
Counterfeiting: Counterfeiting is considered the most serious offence against Naira and is subject to severe penalties, including lengthy imprisonment, to discourage potential offenders from participating in illegal currency replication.
Spraying: Spraying, dancing, or otherwise mishandling the Naira during social gatherings or any other occasion is also deemed disrespectful and damages the currency, resulting in punishment under the relevant section.
Writing: Writing on banknotes, stapling them, tearing them, or causing any form of defacement is strictly prohibited by law.
Soiling: Soiling the banknotes with substances like oil or ink, as well as dancing or stamping on them, is considered defacement and is against the law.
Stapling: The act of stapling banknotes is illegal due to the potential corrosion caused by the pins.
Tearing: It is unlawful to tear banknotes.
Sale: The sale of currency banknotes is illegal.
Mutilation: Mutilating Naira notes or coins is a punishable offence according to the law (CBN Act Section 21).
Rejection: Rejecting Naira is also against the law (Section 20 subsection 5).
The CBN document said the cost of replacing abused naira notes is high. Also, defaced or torned banknotes slow down the sorting process of cash and this results in a lower output of clean banknotes.
Abusing naira notes erodes the sense of pride and confidence that Nigerians should feel in their currency, the CBN said.
“Any form of defacement of the currency is a form of ridicule on the nation.
“Prevalence of dirty banknotes in circulation is a potential health hazard to the citizenry.”
The CBN warned Nigerians, particularly those at social functions such as birthdays, weddings and funerals, to desist from disrespecting the naira note or risk being arrested by law enforcement agencies.
THEGUARDIAN
