Table of Contents
Central Bank of Nigeria Declares Money Bouquets as Naira Misuse
The Central Bank of Nigeria (CBN) has officially categorized the practice of creating “money bouquets” as a misuse of the naira currency. This addition places money bouquets alongside other prohibited activities such as spraying, squeezing, selling, and defacing Nigerian banknotes.
What Constitutes a Money Bouquet?
A money bouquet involves folding naira notes into shapes resembling flower petals, which are then assembled to form a bouquet. While often seen as a creative gift, especially during festive occasions, the CBN views this as damaging to the currency.
CBN’s Public Awareness and Legal Framework
The apex bank highlighted this stance in a recent flyer shared on its official Twitter account, emphasizing the importance of safeguarding the naira. The post urged citizens, stating, “It is your civic responsibility to protect the naira. Report any form of naira abuse immediately.”
According to the CBN Act, individuals found guilty of tampering with the naira face legal consequences, including a minimum imprisonment term of six months or a fine starting at ₦50,000. This legal framework underscores the seriousness with which the bank treats currency preservation.
Community Role and Reporting Mechanisms
Nigerians are encouraged to actively participate in protecting the integrity of the naira by reporting any violations. The CBN has established toll-free hotlines to facilitate easy reporting of such offenses, enabling swift action by enforcement agencies across the country.
Context: Valentine’s Day and Currency Preservation
This announcement comes just ahead of Valentine’s Day, a period when gifting money bouquets is a popular way to express affection. The CBN’s timely reminder aims to discourage this practice to prevent further damage to the currency, promoting alternative, naira-friendly gift ideas.
Additional Insights: The Impact of Currency Damage
Damaging banknotes not only reduces their lifespan but also increases the cost of currency replacement for the CBN. In 2023, the bank reported that over 15 million naira notes were withdrawn from circulation due to physical damage, costing billions in reprinting expenses. By discouraging practices like money bouquets, the CBN hopes to extend the durability of the naira and maintain its value.
Alternative Gift Ideas to Celebrate Without Harming the Naira
Instead of folding naira notes into bouquets, consider gifting personalized items, digital gift cards, or experiences that create lasting memories without compromising the currency’s condition. These alternatives align with the CBN’s call to protect the naira while still celebrating special occasions meaningfully.
