By Obinna Ejianya (9News Nigeria – Melbourne, Australia)
It is evident that for some ostensible reasons, the government of President Bola Ahmed Tinubu has taken a frowning strong stance against the traditional spray of the Naira during events and other forms of Naira abuse.
The Economic and Financial Crimes Commission (EFCC) is intensifying its crackdown on individuals who abuse the Nigerian currency, the Naira, in an effort to raise awareness and discourage further mistreatment of the country’s sole legal tender.
After the ruse trial of Bob Risky, Pascal Okechukwu, popularly known as Cubana Chief Priest has joined the bandwagon of the campaign to deter Nigerians from making a public show of the Naira which tantamounts to its abuse.
9News Nigeria learned that Cubana Chief Priest, a businessman and socialite, is currently being arraigned before Justice Kehinde Ogundare at the Federal High Court in Lagos on charges related to Naira abuse. He allegedly sprayed and tampered with the nation’s currency during a social event at Eko Hotel on February 13, 2024.
It was alleged that Cubana Chief Priest committed the offences while dancing during a social event.
According to the allegation, he tampered with funds in the denomination of N500 notes issued by the CBN by spraying the same for two hours.
The accusations against Cubana Chief Priest include three counts of violating the provisions of the Central Bank Act of 2007, specifically those related to the abuse of the Naira. It is alleged that he sprayed N500 notes for a continuous period of two hours, thereby tampering with the currency.
The timing of Cubana Chief Priest’s arraignment, which follows Bob Risky’s trial and conviction, appears to be a deliberate move by the Nigerian government to send a strong warning to the public regarding the traditional misuse of the Naira during events.
In a separate case, Justice Abimbola Awogboro of the Federal High Court in Lagos recently sentenced the popular cross-dresser Idris Okuneye, also known as Bobrisky, to six months in jail without the option of a fine. Bobrisky had been charged with six counts, including Naira abuse and money laundering, but was convicted solely on the Naira abuse charge after confessing to the offense.
It is important to note that the Central Bank of Nigeria has enacted policies and laws to protect the Naira from abuse. These regulations include:
The Central Bank of Nigeria (CBN)’s policy on Naira and the law protecting it from abuse:
The Naira and the Law
The CBN is responsible for the issuance of the Naira and kobo (Sections 17, 18 and 19).
It is against the law for any individual or establishment outside the Central Bank of Nigeria, to print money or be in possession of counterfeit notes.
If you are caught and convicted of a counterfeiting crime, you may face up to five (5) years imprisonment with no option of fine (Section 20).
Abuse of the Naira
- Spraying: It is against the law to spray the Naira banknotes at occasions.
- Writing: It is against the law to write on banknotes.
- Stapling: It is against the law to staple the banknotes as the pins can cause corrosion of the banknotes.
- Tearing: It is also against the law to tear the banknotes
- Soiling: It is against the law to dance/stamp on the Naira banknotes. Do not stain the banknotes with oil or ink, as this is also a form of defacing.
- Sale of the Naira Notes: It is against the law to sell currency banknotes.
- Mutilation: A person who tampers with the Naira note or coin is guilty of an offence, punishable by law (CBN Act Section 21).
- It is against the law to reject the Naira (Section 20 subsection 5).
Implications of Improper Handling of the Naira
- Increase in currency management costs due to the high cost of banknotes replacement.
- Defaced/torn banknotes slow down sorting process resulting in lower output of clean banknotes.
- Erodes the sense of pride and confidence that Nigerians should feel in their currency.
- Any form of defacement of the currency is a form of ridicule on the nation.
- Prevalence of dirty banknotes in circulation is potential health hazard to the citizenry.
Absolutely, being forewarned is indeed being forearmed. It is crucial for all Nigerians, especially businessmen and individuals who display their wealth and affluence, to take heed of the warnings and abide by the laws governing the proper handling of the Naira. The consequences of Naira abuse are becoming increasingly evident, and the government’s determination to address this issue is clear. Ignoring these warnings or being defiant will only lead to severe repercussions.
Respecting the laws surrounding the use of the Naira is not only a legal obligation but also a matter of national pride and responsibility. By adhering to these regulations, we contribute to the preservation of our currency’s integrity, promote a positive image of our nation, and avoid the negative impacts associated with Naira abuse.
Let us all demonstrate our commitment to upholding the laws and guidelines set forth by the Central Bank of Nigeria. By doing so, we can protect ourselves from the harsh consequences of Naira abuse and actively contribute to the development and prosperity of our great nation.
By Obinna Ejianya (9News Nigeria – Melbourne, Australia)
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