CBN Cracks Down on Money Bouquets as Naira Abuse Ahead of Valentine's Day
The Central Bank of Nigeria (CBN) has issued a stern warning against the creation and gifting of money bouquets, classifying this popular practice as a severe form of naira abuse. This announcement comes just days before the widely celebrated Valentine's Day, a period when such floral arrangements made from currency notes are commonly exchanged as tokens of affection.
Money Bouquets Added to List of Prohibited Offences
In a decisive move, the apex bank has officially added money bouquets to its existing catalogue of naira abuses, which already includes activities like spraying, squeezing, selling, and defacing banknotes. A money bouquet typically involves folding naira notes to resemble flower petals and arranging them into decorative bouquets, often presented during special occasions.
The CBN communicated this new regulation through an informational flier shared on its official Twitter handle, explicitly listing various forms of currency misuse. The post was emphatically captioned, "It is your civic duty to protect the naira. Report naira abuse today." This directive underscores the bank's intensified campaign to safeguard the national currency's integrity.
Severe Legal Consequences for Violators
Under the stringent provisions of the CBN Act, individuals found guilty of tampering with the naira—now including those crafting or distributing money bouquets—face significant penalties. Convicted offenders are subject to a minimum of six months imprisonment or a fine of at least ₦50,000, highlighting the seriousness with which the authorities view such infractions.
The central bank has urged all Nigerians to actively participate in protecting the naira by promptly reporting any observed violations. Enforcement agencies across the nation are reportedly escalating their actions against offenders to ensure compliance with these regulations.
Reporting Mechanisms and Public Awareness
To facilitate the reporting process, the CBN has provided dedicated toll-free hotlines, enabling citizens to confidentially report instances of naira abuse directly to the apex bank. This initiative aims to empower the public and streamline enforcement efforts, particularly as Valentine's Day approaches—a peak period for such activities.
The timing of this warning is strategic, targeting a season when expressions of love through monetary gifts traditionally surge. By preemptively addressing this trend, the CBN seeks to curb widespread currency misuse and promote responsible handling of the naira, reinforcing its value and legal status in everyday transactions.
