Business

Implement law prohibiting money-spraying at social gatherings, Experts urge FG

Published

5 years ago

August 9, 2021

Some experts have called on the security agencies to enforce the law prohibiting money-spraying at social gatherings in the country.

They stated in separate interviews in Abuja on Monday that the law enforcement agencies should be empowered to enforce the country’s anti-spraying law and prosecute Naira abusers without fear or favour.

According to Section 21 of the CBN Act, 2007, a person who tampers with a coin or note issued by the apex bank risks imprisonment for a term not less than six months or a fine not less than N50,000 or to both.

Mr Okpanachi Jacob, National Coordinator, Africa Poverty Alleviation Initiative, an NGO, described as currency abuse and crime the act of spraying money at social gatherings.

Jacob said, ‘’the thing is that Nigerian system is good with policy formulation but the problem we have is implementation. There is a law already.

“I think the only set of people that can take care of this is the government agencies themselves. They must be made to know that they need willingness and commitment to enforce this law especially as it sometimes involved mostly highly placed individuals.

Mrs Caroline Nuaga, Project Manager, Centre for Humanitarian Dialogue, an NGO, underscored the need to reintroduce civil education in the school’s curriculum to assist in inculcating morals in youths.

According to Nuaga, the issue of spraying money at social gathering should be discouraged adding that morals are increasingly being degraded.

“There is need to reintroduce civil education in our school’s curriculum to give our youths opportunity to grow and imbibe good morals” he said.

Mr John Okechukwu, a financial expert, said that there was the need for the apex bank to increase advocacy and sensitisation through its Clean Notes Policy.

Okechukwu said CBN needed to improve the physical appearance and lifespan of the banknotes in circulation through public awareness campaign on naira abuse and handling.

He added that the media campaign should focus on socialites, politicians and leaders who abused the naira at rallies and social events.

According to him, one of the objectives of the policy is to discourage the abuse of the naira and improve its lifespan beyond 24 months.

Commenting, Mr Yinusa Ajadi said, “ it is important for us to also value our currency because as much as you try to throw currency all over by marching it, you are showing less value for the currency.

“There is a civil way of giving out money in celebration and the best way to do that is to hand over money in a very tidy way so as to value the currency,’’ he said.

A businessman, Obi Cubana, became a social media sensation with the ‘naira rain fall’ at the funeral of his mother in Oba, a town in the Idemili South Local Government Area of Anambra State.

Several videos went viral that showed celebrities, businesspeople and politicians spray money indiscriminately during a concert held after the interment of the deceased.

In one of the videos, Obi Cubana was seen displaying his football skills while one of the personalities threw wads of cash at him.