Section 160: A. Making, issue and circulation of promissory notes payable to

bearer on demand, without authority
Any person, other than the Central Bank of Nigeria, who makes or issues within Nigeria
promissory notes payable to bearer on demand or circulates within Nigeria any
promissory note
payable to bearer on demand, is guilty of a misdemeanour and liable on conviction to
a fine equal to double the value of any promissory note unlawfully made, issued or
circulated or to imprisonment for a term of twelve months, or to both such
imprisonment and fine.
[L.N. 112 of 1964.]