Thursday, April 24, 2014

CBN plans campaign against naira abuse

Published:

The CBN, under Lamido Sanusi, is trying to repeat what the bank, under Chukwuma Soludo, did and failed.

The Central Bank of Nigeria, CBN, says it will soon embark on a “massive campaign” against the abuse of the naira.

The CBN’s Director of Corporate Communication, Ugochukwu Okoroafor, said on Thursday in Lagos that most Nigerians still abuse the naira.

Mr. Okoroafor said that the campaign is necessary to ensure that the government does not continue to spend huge sums of money in the reprinting of torn notes, but did not disclose what the campaign would cost the nation.

Mr. Okoroafor held that the huge amount of money spent yearly to reprint torn notes necessitated the introduction of the proposed N5000 note.

He said that the N5000 note would reduce the high cost of managing torn notes annually.

The proposed campaign by the CBN is similar to that carried out by the bank during the tenure of Chukwuma Soludo as its governor.

The CBN, under Mr. Soludo, not only carried out nationwide campaigns and adverts against the abuse of naira notes, the bank also prescribed punishments for people caught abusing the naira note. A major offence listed by the CBN then was a jail term for anyone caught pasting naira notes on someone’s forehead at a party – ‘spraying’- an act still very common in celebrations and parties across Nigeria.

Even after the CBN gave the directive then, former President Olusegun Obasanjo was caught, with pictures, spraying notes; which led to criticisms against the CBN for being unable to enforce its laws.

Mr. Okoroafor said that the campaign is necessary to ensure that the government does not continue to spend huge sums of money in the reprinting of torn notes.

Mr. Okoroafor held that the huge amount of money spent yearly to reprint torn notes necessitated the introduction of the proposed N5000 note.

He said that the N5000 note would reduce the high cost of managing torn notes annually.

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