In Nigeria, there’s a very popular tradition of spraying money specifically at weddings, parties, and even at clubs. This practice has been termed as “Naira abuse,” and has attracted criticism from the Central Bank of Nigeria (CBN), prompting laws against it.
Recently, an internet sensation, popularly known as Bobrisky, was arrested and admitted to participating in this behavior, sparking discussions about its cultural significance and legal repercussions.
This article explores the details of Naira abuse and its impact on society.
What is Naira Abuse?
Naira abuse, as defined by the CBN, is any action that defaces or devalues the Nigerian currency. This includes:
1. Spraying: The act of throwing Naira notes in the air during occasions.
2. Writing: Scribbling or marking on the Naira notes.
3. Stapling: Using staple pins to hold Naira notes together
4. Tearing: Deliberately tearing Naira notes.
5. Soiling: Dancing or stamping on Naira notes, or staining them with oil or ink.
6. Selling: The unlawful sale of Naira notes, especially at events.
7. Rejection: Refusing to accept Naira as legal tender in Nigeria.
8. Mutilation: Any form of tampering with the physical integrity of the Naira notes or coins.
Spraying of Naira: A Cultural Tradition in the Spotlight
Spraying money at public events is a deeply-rooted cultural tradition in Nigeria. It’s seen as a gesture of goodwill, prosperity, and a way of showing appreciation to the celebrants. People from all walks of life, regardless of their financial standing, partake in this practice.
The Legal Standpoint: CBN’s Stance on Naira Abuse
The CBN’s stance on Naira abuse is stern and unequivocal. The bank regards the spraying of Naira notes as a violation of the country’s symbol of sovereignty. This sentiment is echoed in Section 21 of the CBN Act, which criminalizes the defacing or tampering of Naira notes.
“For the avoidance of doubt, spraying of, dancing or stepping 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.“
Based on this section, a person guilty of defacing a coin or note issued by the bank can be liable to imprisonment for a term not less than six months, a fine not less than N50,000, or both.
More specifically, Section 21(3) of the CBN Act explicitly forbids Nigerians from spraying or throwing the national currency at social occasions.
Notable Incidents of Naira Abuse and Consequences
The law surrounding Naira abuse is not merely a paper tiger. Several individuals in Nigeria have faced the repercussions of violating these regulations.
The most recent case includes Bobrisky, a controversial crossdresser with a significant social media following. Bobrisky was arrested by the Economic and Financial Crimes Commission (EFCC) for allegedly spraying naira notes on multiple occasions with the premiere of a Nollywood movie in Lagos being an example.
Earlier in February, Nollywood actress Oluwadarasimi Omoseyin was sentenced to six months imprisonment for spraying and dancing on Naira notes, with an option of a fine of ₦300,000.
Respecting the Naira for a Stronger Economy
Adhering to the nation’s legal obligations isn’t just about showing honor to our Naira notes, it’s about upholding the country’s economic symbol and contributing to a stronger economy. As law-abiding citizens, it’s our responsibility to respect our country’s currency in our daily use of it.
On a lighter note, if you are looking for where to invest your money, so you won’t be caught abusing the Naira then you should consider investing with Bravewood. With Bravewood, you can earn high returns on your investment, safely and securely.
Remember, respecting the Naira isn’t just about avoiding penalties; it helps strengthen our economy and ensures a prosperous future for all Nigerians. in which investing plays a major role.
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