Spraying the Naira is punishable by a 6months jailterm – CBN

Spraying the Naira notes according to the Central Bank of Nigeria (CBN)is an offence punishable by 6 months in jail. Acting Director of the bank’s Currency Operations Department, Priscilla Eleje, according to The Cable, made this known in a public sensitization and enlightenment campaign in Ibadan on Saturday.

Naira Appreciates Against the Dollar...See Latest Value

Naira and dollar notes

The Nigerian naira has continued its resurgence as it has gained against the dollar and other currencies at the parallel market. The naira has appreciated to 386 against the United States dollar as the Central Bank of Nigeria continues to supply dollars into the foreign exchange market, according to a report by Punch. The local unit closed at 386/dollar on Friday, having closed at 390/dollar daily in the past one week. The CBN had supplied over $380m into the forex market a week ago. According to financial and currency experts, the naira’s outlook remains stable in the near term as the regulator steps up efforts to improve dollar liquidity and achieve exchange rate convergence.