NOA Issues Warning: Naira Abuse Could Lead To Imprisonment, Monarch In Ogun Put On Notice

Additionally, he was also seen adorning the musician with a garland made out of N1000 notes.

However, the Director General of NOA Lanre Issa-Onilu in response to the now viral video, sent a warning to the monarch in a statement.

The statement which was addressed to the monarch, warned that the display constituted an abuse of national currency, punishable by penalties, jail time, or both.

The statement by Issa-Onilu read, “We call your attention to an online video where a garland of the national currency was used by you to spray on one of the musicians who played at the event. Sir, for us, that was an abuse of one of the national symbols of our dear country.

“The NOA has the mandate to preserve and promote the integrity of our national symbols and we are compelled to appeal to you and indeed all traditional rulers to see it as part of your duty to preserve these symbols as part of our national culture. These symbols are icons that define us as a sovereign nation and respect for them mean also respect for our country.”

“Section 21 (3) of the Central Bank of Nigeria Act 2007 as amended stipulates that spraying of, dancing or matching on the naira or any note issued by the bank during social occasions or otherwise, howsoever shall constitute abuse and defacing of the naira or such note and shall be punishable under the law by fines or imprisonment or both.