The Central Bank of Nigeria (CBN) has stated that it is collaborating with the Nigeria Police Force (NPF), the Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC), and the Nigerian Financial Intelligence Unit (NFIU) to bring those who abuse the naira to justice.
The CBN cautioned people engaging in such operations to stop because it was collaborating with the NPF and others to implement a provision of its activities that forbids “spraying, dancing, or matching on the naira”.
Section 21(3) of the CBN Act 2007 (as amended) states that “spraying, dancing, or matching on the naira or any note issued by the Bank during social occasions or otherwise howsoever shall constitute abuse and defacing of the naira or such note and shall be punishable under the law by fines, imprisonment, or both”.
According to a statement signed by the apex bank’s Acting Director of Corporate Communications, “the CBN’s attention has once again been drawn to the activities of persons who flagrantly abuse the legal tender by hurling wads of naira notes in the air and stamping on the currency at social functions”.
“There have also been instances where people mishandle the naira, deface it, and sell it at parties and, in some cases, reject the currency It should be mentioned that, contrary to the habit of these unpatriotic individuals, disrespecting the currency in which citizens trade is neither cultural nor moral”.
It advised Nigerians not to disrespect “the legal tender and emblem of national pride” or face arrest by law enforcement.
Before the recent Obi Cubana incident, there have been videos of famous Nigerians abusing naira notes, including politicians.
Naira notes have also become popular items for sale in garages and parks across the country, particularly during festive seasons. Individuals attending social events such as weddings and burials are targeted by those who trade in the currency.