CBN Frowns at Money Bouquet, Says It’s Abuse of Naira

By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) kicked against money bouquets, describing them as another form of abuse of the Naira.

In a post on Twitter on Friday, the central bank said those involved in this act would be prosecuted, urging citizens to protect the local currency because it remains a national symbol.

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 both such fine and imprisonment.”

This part of the law was used recently to go after a young Nigerian actress, Ms Oluwadarasimi Omoseyin, also known as Simi Gold.

She was arrested last week by operatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and handed over to the Economic and Financial Crimes Commission (EFCC) for questioning and prosecution for allegedly spraying and stepping on the Naira.

In recent times, some Nigerians have posted on social media money bouquets, and money cakes presented to their loved ones as birthday and wedding gifts.

But the CBN said this is against the law as it would be treated as another form of abuse of the national currency, which comes with a specific fine and jail term.

In a flier posted on its verified page, the central bank said Nigerians must “stop abusing the Naira,” urging them to “report people abusing the Naira through our dedicated (toll-free) hotline, 08000200200” from Monday to Friday between 8 am and 4 pm.

The bank then listed “spraying, selling, money bouquet, squeezing and defacing” as the “forms of abuse” of the Naira.