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‘Anyone Caught Abusing The Naira Will Face Jail Terms’ – CBN Warns Nigerians

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naira abuse cbn

The Central Bank of Nigeria on Friday warned Nigerians against abusing the naira notes.

The apex bank said anyone caught abusing the naira would be prosecuted and if convicted the person risked six months in jail or a fine of N50,000.

An official of the Currency Operation Department at the CBN headquarters, Mr. Samuel Shuaibu, disclosed this in Calabar, Cross River State capital, during the commencement of the ‘CBN Fair’, which was to sensitise residents of the state to the appropriate use of the naira.

The fair had the theme, ‘Promoting Financial Stability and Economic Development.’

Shuaibu said the abuse of the naira was not in line with the CBN’s policy, adding that offenders would henceforth be arrested and prosecuted.

According to him, the awareness programme was also aimed at sensitising the public on online transfer system, how to identify fake currency notes, how to approach the CBN for complaints, amongst others.

He lamented the fact that Nigerians accord more respect to the United States Dollar than the naira, saying Nigerians ought to appreciate and value the naira because it serves as a symbol of national identity.

Shuaibu said, “The naira has suffered abuse from majority of Nigerians. Today, we find some people spraying the naira at occasions, soiling it, writing on it, squeezing it while some are hawking it.

“The CBN spent a lot of money in the printing of these naira notes. We urge Nigerians to respect the naira and value it. Anyone caught abusing the naira will risk a jail term of six months or pay a fine of N50,000.”

He also urged Nigerians to desist from keeping money at home, adding that such money could be gutted by fire or carted away by criminals.

Also speaking, the bank’s Head of Development Financial Department, Mr. Chukwudum Nzelu, stated that the Anchor Borrowers Programme of the apex bank had led to an increase in the local production of rice from 30 to 70 per cent.

Nzelu added that the CBN was also designing other agricultural programmes that would engage thousands of the Nigerian youths in meaningful agricultural ventures that would make them self-reliant.

The Branch Controller of CBN in Calabar, Dr. Graham Kalio, urged the general public to always visit any CBN branch close to them for complaints.

NEWS

Dele Farotimi Breaks Silence After Release From Detention

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Dele Farotimi breaks silence after release from detention | fab.ng

Activist lawyer and author Dele Farotimi maintained his stance against Senior Advocate of Nigeria Afe Babalola during a press conference in Ado-Ekiti on Tuesday, following his release from detention.

Farotimi addressed reporters to restate his previous allegations against the prominent legal figure.

“I have never lied against anyone. If I don’t know, I will say I don’t know. The truth is enough—it is the only weapon with which you can slay the monster called Nigeria.”

The Ekiti State Correctional Centre detained Farotimi after defamation allegations emerged against him.

His book “Nigeria and its Criminal Justice System” contains specific allegations of unethical conduct against Babalola, claims which Farotimi continues to defend as accurate.

The author stands by the investigative findings detailed in his publication despite the legal challenges he has faced.

“I understand the challenges that come with fighting entrenched powers, but I remain steadfast in my commitment to the truth,” he added.

An Ado-Ekiti magistrate court released Farotimi on December 20 after he met multiple bail conditions.

These conditions included posting a ₦30 million bond, securing two sureties with one being a property owner, and surrendering his passport. The court also restricted Farotimi, barring him from giving interviews to the media.

The case has ignited widespread discussions within Nigeria’s legal community regarding press freedom and institutional influence in the justice system.

Legal experts and civil rights advocates now await the forthcoming court proceedings, which will examine the merits of both the defamation claims and Farotimi’s defence.

Check out more news updates here.

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MOVIES

Funke Akindele’s “Everybody Loves Jenifa” Rakes Box Office With ₦511 Million In Just 12 Days

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Everybody Loves Jenifa rakes box office with ₦511 million | fab.ng

Funke Akindele’s comedy film “Everybody Loves Jenifa” has shattered Nigerian box office records by earning ₦511 million within just 12 days of its release.

FilmOne, the film’s distributor, revealed that this remarkable achievement makes it both the highest-grossing Nollywood film of 2024. It is also the fastest Nigerian movie to reach the ₦500 million milestone.

“History Made! Everybody Loves Jenifa smashes records with ₦511M at the box office, becoming 2024’s highest-grossing Nollywood title and the fastest to hit ₦500M in just 12 days! Don’t stop! Let’s smash the record books. Watch Everybody Loves Jenifa in cinemas near you,” the post said.

 

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“Everybody Loves Jenifa” achieved unprecedented success by generating ₦206 million during its opening weekend. It established a new record for the highest-grossing opening weekend in Nollywood history.

The film demonstrated its immediate appeal by earning ₦87.8 million on its first day. This set another record for the highest single-day earnings in Nigerian cinema.

Funke Akindele masterfully reprised her beloved Jenifa character, delivering a performance that perfectly captured the character’s signature humour and charm.

The narrative follows Jenifa through an engaging storyline filled with personal growth, fame-related challenges, and comedic situations that resonated deeply with audiences across Nigerian theatres.

Akindele’s marketing strategy proved exceptionally effective. Moreso, she implemented comprehensive social media campaigns and made strategic appearances at various cinemas to connect with viewers.

Her promotional efforts transformed the film’s release into a cultural phenomenon that extended beyond traditional movie-watching.

The film features an impressive ensemble cast including Falz, Omotunde ‘Lolo’ Adebowale-David, Olayode Juliana, Chimezie Imo, Layi Wasabi, Bisola Aiyeola, Jackie Appiah, and Omowunmi Dada.

These actors collectively bring depth to this comedy-drama that successfully weaves together humorous moments, emotional depth, and surprising plot developments.

Check out more movie updates here.

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MUSIC

Tems Debut Album Ranks #2 On Billboard’s R&B List Of 2024

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Tems debut album hits #2 on Billboard's R&B list of 2024 | fab.ng

Tems’ Global Impact: A Billboard Recognition

Tems, a global music sensation, has solidified her position as one of Africa’s most successful artists, with her album captivating millions of fans worldwide and garnering numerous prestigious awards.

In a recent testament to her talent, her debut album secured the second spot on Billboard’s list of the best R&B albums of 2025.

This remarkable achievement places Tems alongside renowned artists such as Chris Brown, PartyNextDoor, Muni Long, and Bryson Tiller.

Furthermore, Billboard has praised Tems’ music for transcending the boundaries of Afrobeats, resonating with audiences across the globe.

“The Nigerian star finds her footing in the global spotlight and stands firmly in her purpose on her dazzling debut album Born in the Wild.

“She opens up about surviving her mental wilderness and learning to thrive in it on the opening acoustic ballad that shares the album’s title.

“And on the mid-tempo standout “Burning,” Tems confronts the trappings of her newfound stardom but finds comfort in the collective struggle. As someone who’s studied Céline Dion, Destiny’s Child, and Mariah Carey and dreamt of making soul-stirring songs that send people into their feelings, Tems succeeded with aplomb.

“Born in the Wild became her highest-charting project on Top R&B Albums (reaching No. 5) and marked her career-first entry on the Billboard 200, peaking at No. 56.

“And while Born in the Wild and “Love Me JeJe” earned Tems 2025 Grammy nominations for Best Global Music Album and Best African Music Performance, respectively, her best R&B song nod for “Burning” further reinforced the rich diversity of her music–  and the notion that African artists like Tems cannot be bound to the catchall “Afrobeats” term, as their music has traveled well past the borders of the continent. – H.M.”

Tems’ debut album, “Born In The Wild,” received critical acclaim in the United States.

Indeed, the album earned a Grammy nomination for Best Global Album.

Additionally, her single “Burning” broke records by securing a nomination for Best R&B Song. Meanwhile, “Love Me Jeje” received a nomination for Best African Music Performance.

Check out more music updates here.

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