Nzekwe seeks more sensitisation against Naira abuse

A former President of the Association of National Accountants of Nigeria (ANAN), Dr Samuel Nzekwe, has advised the Central Bank of Nigeria (CBN) and National Orientation Agency (NOA) to strengthen sensitisation of Nigerians on the adverse effects of Naira abuse.

Nzekwe gave the advice in an interview with the News Agency of Nigeria (NAN) on Wednesday in Ota, Ogun.

He said that more sensitisation on the abuse of Naira had become necessary, as the money could be used for other purposes.

NAN reports that Nzekwe was reacting to CBN’s warning in a circular entitled: ‘Treatment of Composed Banknotes’, issued to all deposit money banks on March 31 by its Director, Currency Operations Department, Ahmed Umar.

The ex-ANAN president emphasised the need for massive public enlightenment on the use of Naira, as most of the materials being used were imported, thus making the cost of printing very high.

“Many Nigerians have kept molesting the Naira, as they are usually seen at parties spraying different denominations and matching on them.

“People need to protect and respect the nation’s currency by handling it with care,” he said.

Nzekwe attributed most of the mutilated banknotes found in various commercial banks to faulty handling of the Naira by the people.

He suggested that a stiffer penalty be put in place for anyone caught abusing the nation’s currency to serve as a deterrent to others. (NAN)