• Thursday, May 23, 2024
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CBN: 8 ways Naira can be abused

Naira abuse, mutilation and production of counterfeit

There is no dispute that Naira abuse, or more specifically, the act of spraying money at social events, has become an acceptable norm or cultural practice in Nigeria.

Nigerians have a cultural affinity for lavish social gatherings. Many people regard these occasions as a means of displaying social status and wealth.

Spraying Naira notes and other currency notes at events progressively appears to be the ultimate way to flaunt your social standing.

Read also: The naira abuse palaver

Even burials that are supposed to be sober moments have been turned into considerable fanfare.

This has created a new industry of mint note trading and event management. All of these constitute the social infrastructure of Naira abuse.

A new dimension of the social infrastructure of Naira abuse is the arrival at the scene of the nouveau riche.

In recent news, popular social media personality Idris Okuneye, known as Bobrisky, was convicted of misusing the Naira. He was sentenced to six months imprisonment.

Like Bobrisky, The Economic and Financial Crimes Commission (EFCC) has filed three charges against Pascal Okechukwu popularly known as Cubana Chief Priest for allegedly spraying and tampering with the naira at a social event.

Read also: We will investigate and prosecute anyone involved in naira abuse, EFCC says

Recognizing the risks associated with Naira abuse, the government has taken action. The Central Bank of Nigeria (CBN) has implemented regulations and laws to curb this practice, alongside conducting enlightenment campaigns aimed at educating the populace.

According to CBN, here are 8 ways Naira can be abused:

1. Spraying: It is against the law to spray the Naira banknotes at occasions.

2. Writing: It is against the law to write on banknotes

3. Stapling: It is against the law to staple the banknotes as the pins can cause corrosion of the banknotes

4. Tearing: It is also against the law to tear the banknotes

5. 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

6. Sale: It is against the law to sell currency banknotes.

7. Mutilation: A person who tampers with the Naira note or coin is guilty of an offence, punishable by law (CBN Act Section 21)

8. Rejection: It is against the law to reject the Naira (Section 20 subsection 5)