The Central Bank of Nigeria (CBN) has said there are many mutilated Naira notes in the country due to poor handling of the currencies.
This was the assertion of the Director, Corporate Communications Department of CBN Isaac Okoroafor, in Ilorin, Kwara State capital at a two-day fair organised by the bank.
He also noted that many Nigerians find it difficult to access loans from commercial banks since they cannot differentiate between working and fixed capital.
Okoroafor admitted that “some of the commercial banks make illegal deductions from their accounts.”
He was represented by the Assistant Director in the department and National Coordinator of the fair Samuel Okegbue.
The CBN boss described the Naira as “the nation’s pride” and warned the people against mutilating them in their businesses.
Okoroafor intimated them of the CBN law which places six-month imprisonment or a fine of N50,000 or both on anybody found guilty of mutilating or marching on the Naira at parties.