The law prescribes a jail term for persons who abuse the Naira, but no one has ever gone to jail for abusing the Naira.
The Central Bank of Nigeria (CBN) frowns at socialites, celebrities, and politicians who have made a habit out of spraying the Naira at public functions and parties.
The bank also admits that it cannot do much to stop Naira’s abuse.
Section 21 of the CBN Act makes it an offense to splash the Naira at ‘Owambes’, weddings, or at funerals.
The Act stipulates that: “A person who tampers with a coin or note issued by the Bank is guilty of an offense and shall on conviction be liable to imprisonment for a term not less than six months or to a fine not less than N50,000 or to both such fine and imprisonment.”
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Section 21(3) of the CBN Act states that: “For the avoidance of doubt, spraying of, dancing or matching on the Naira or any note issued by the Bank during social occasions or otherwise howsoever, shall constitute an abuse and defacing of the Naira or such note and shall be punishable under subsection (1) of this section.”
It is also an offense to hawk, sell, or trade-in the Naira.
However, the law hasn’t stopped the Naira’s rain at occasions and events; and the CBN says it is no law enforcement agency that can jail Nigerians who abuse their currency.
“CBN is not a law enforcement agency. But we completely frown at such an attitude where the national currency is not accorded its due respect as other nationals do their currencies,” says Osita Nwanisobi, who is the CBN’s interim Director of Corporate Communications.
In June, the CBN had warned persons who abuse the Naira that they risk ending up in jail.
