Nigeria’s bank notes, the Naira is undoubtedly one of the nation’s symbol of sovereignty besides other symbolic attributes including the national flag, coat of arms among others.
However, the naira has assumed prominence in headlines across the media and several social platforms for different reasons in recent times. At a point, public analysts had visited what they regarded as the vexatious and outrageous printing cost of the naira which was then contracted abroad even when the nation boasts of an indigenous printing and minting company. It was viewed as the worst ‘paradox of value’ as the cost of printing the notes were almost at par with the value of the printed currencies. This no doubt would necessitate a fresh paradigm shift towards mitigating issues associated with the spiraling cost of producing naira notes.
While the authorities have continued to work out a systematic approach to the issue by initially introducing its cashless policy, that itself cannot be achieved on a ‘quick fix’ basis for obvious reasons.
The policy still in its infancy is contingent on many factors including power, digitisation and sundry inputs. Indeed several communities around the country are still not exposed to the expediency of digital services which drive platforms that can easily enhance penetration of all-inclusive cashless policy.
Agreed that it is just impossible to achieve such a policy in one short breath, it is remarkable that the journey has begun. Interestingly, in attempt to save the hard-earned nation’s notes from abuse, the authorities had taken various measures to mitigate the situation.
According to the Central Bank of Nigeria Act, Section 20 and Section 21 it is an offense to hawk, sell, or trade-in the naira notes, coins, or any other derivative, whether new or old, in public places or otherwise, without the written permission of the CBN. Violation of this provision can lead to prosecution, fines, and imprisonment.
Additionally, the Criminal Code Act, under Section 20, criminalizes the defacing, mutilating, tearing, or destroying of currency notes and coins issued by the CBN. Offenders can face penalties, including imprisonment, depending on the severity of the offence.
So the Economic and Financial Crimes Commission, EFCC, in line with its mandate, arrested popular Lagos socialite and businessman, Emeka Okonkwo Daniel, known to many as E-Money, for allegedly spraying United States dollars at an event in Lagos for violating the Foreign Exchange Act.
Again, popular cross-dresser Bobrisky was arrested on April 4, 2024, for naira abuse, which eventually led to a six-month conviction by Justice Abimbola Awogboro of the Federal High Court in Lagos on April 12, 2024.
Before then, Nigerian actress, Oluwadarasimi Omoseyin was on February 1, 2024, convicted and sentenced to six months imprisonment for spraying and stepping on the new naira notes at a social event in Lagos.
Another Pascal Okechukwu, popularly known as Cubana Chief Priest, was arraigned by the Lagos Zonal Command of the EFCC on a three-count charge of Naira abuse before Justice Kehinde Ogundare at the Federal High Court.
More intriguing was the arrest by operatives of the Kaduna Zonal Directorate of the Economic and Financial Crimes Commission of a social media content creator, Muhammed Kabir Sa’ad, over allegations of abusing Nigeria’s national currency. He was blatant, daring the authorities to arrest him if they had the effrontery. He was not spared and is already dancing to the tunes of his own music.
We take exception to any recklessly disposition that would abuse the naira for cheap popularity. He was seen throwing naira notes on the floor, stepping on them, and taunting anti-corruption officials.
It is noteworthy that these one-off cases are ‘legendary’ and amplifies the seriousness the authorities are determined to clear the Augean stable on our often debased notes but there is more to it than these razzmatazz being demonstrated by the EFCC.
Most traditional and cultural ceremonies present audacious and ample scenarios that promote abuse of the naira. Marriages, burial ceremonies are prevailing examples where the nation’s currencies are abused. Yet, nobody is on guard there.
We are pained by the bizarre abuse, viral in videos across social media platforms where the faithful in a church setting were told to line up notes of the naira along a path and tread on them, saying the move was to ensure that money satisfied them in abundance as they have made ‘nonsense’ of money by trampling on it. Ignorance still pervades despite the recent clampdown on offenders.
There is the need for more advocacies to stem the tide as awareness is still at low ebb. The CBN and partners have a lot to do in that regard.
The authorities should intensify their hunt for abusers beyond ‘celebrities’ so as to integrate the rural communities which are also prone to these abuses.
