Ignorance of the law is not an excuse as a show of opulence in events spraying money on celebrants, dancers, and musicians can land one in jail.
The case of two socialites who flouted the Central Bank Act, of 2007 and were prosecuted by the Economic and Financial Crime Commission, EFCC, recently flooded the social media.
Idris Olarewaju Okuneye aka Bobrisky a cross-dresser was arrested, tried, and sentenced to 6 months in prison having pleaded guilty to Naira abuse. Just recently, Paschal Okechukwu aka Cubana Chief Priest pleaded not guilty and was let out on bail for 10 million Naira with two sureties; Cubana Chief Priest case was adjourned to 2nd May 2024.
In Bobrisky’s plea of mercy, he said, “I am a social media influencer with five million followers; and in all honesty, I was not aware of the law. I wish I could be given a second chance to use my platform to educate my followers against the abuse of the Naira.”
Unfortunately, his plea was not accepted as Justice Abimbola Awogboro sentenced him to 6 months imprisonment without an option of a fine as a deterrent to others.
The negative trend of spraying and mutilating our banknotes cuts across the rich and the poor, the old and the young, in cities and rural areas; it is now a culture that has eaten deep hence the need for persistent reorientation and punishment of defaulters to serve as deterrent to others.
The flashlight is now spraying the Naira but this act is just one out of the 8 acts punishable under section 21 of the Central Bank Act, 2007.
Writing, stapling, tearing, soiling, sale, mutilation, and rejection of the Naira are all acts punishable by law as they are identified as abuse of the Naira banknote.
Writing on the Naira and stapling the Naira with documents are common with traders and offices where customers submit forms with money.
To prevent the money from flying off the form, the receiver tends to staple both forms and money/levy together; this is an abuse as it defaces the notes and the pins can cause corrosion of the banknotes.
Tearing and soiling the banknotes are equally against the law; dancing or stepping on Naira notes during events stains the notes. Also, defacing the notes with oil or inks is punishable by law.
Some persons get new Naira notes aka ‘mints’ from the bank only to sell for gain to buyers while some business premises prefer transactions with other currencies even here in Nigeria; these acts of Sale and rejection of the Naira notes are an abuse of the nation’s symbol (CBN Act Section 21).
On rejection, the coins are the most rejected as carrying them around is quite inconvenient even as their purchasing power is meager, unlike their counterparts in other countries.
A person who tampers with the Naira note or coin is guilty of an offense, punishable by law
Mutilation of Naira also constitutes abuse; a person who tampers with the Naira note or coin is guilty of an offense, punishable by law (CBN Act Section 21).
Ignorance of the law is not an excuse; do well to desist from these negative narratives for the good of the Naira which is one of the nation’s symbols and save yourself from regrettable consequences for contravening the law.
Packaging Nairanotes in an envelope as a gift is much more honorable than spraying even as notes are carefully tucked in a wallet safe from spills and tears thus saving the national funds for development purposes rather than expending the same on reprinting notes too often because of abuse.
