National Telescope national telescope newspaper
By Funmilayo Ojo |
It’s no secret that the naira, our national currency, faces rampant abuse. From outright mutilation to inscriptions and defacement, to the more ostentatious act of spraying money during social gatherings, the disrespect shown towards our currency is alarming. Despite existing laws prohibiting such acts, the trend persists, deeply rooted in our cultural practices, where spraying money at events like weddings and political rallies is commonplace.
To combat this menace, the Economic and Financial Crimes Commission (EFCC) has stepped up its efforts, prosecuting social celebrities and influencers found guilty of naira abuse. Recently, the controversial figure, Idris Okuneye, popularly known as Bobrisky, was sentenced to six months imprisonment by a Federal High Court in Lagos for his involvement in such activities. This move signifies the seriousness of the EFCC in tackling naira abuse and aims to deter others from engaging in similar behavior.
Similarly, the ongoing prosecution of businessman and socialite, Paschal Okechukwu, also known as Cubana Chief Priest, further emphasizes the consequences of naira abuse. Such actions, including spraying, writing on, mutilating, or defacing the currency, are clear violations of the Central Bank of Nigeria (CBN) Act 2007, punishable by law.
The CBN’s clean notes policy aims to maintain the quality and durability of banknotes in circulation, encouraging responsible currency handling among citizens. However, while prosecution serves as a deterrent, some argue that it’s not the sole solution. There are concerns about selective prosecution and whether the EFCC, as a financial crimes agency, should prioritize naira abuse cases.
Addressing naira abuse requires a multifaceted approach. While prosecution plays a role, moral persuasion and education are equally important. Government-led enlightenment campaigns can raise awareness about what constitutes naira abuse and provide alternatives to cultural practices like money spraying. Moreover, engaging with offenders to promote attitudinal change is crucial.
