Posted by Samuel on Sat 20th Apr, 2024 - tori.ng
The Central Bank of Nigeria (CBN) Act and the Criminal Code Act gives clear provisions against the abuse and misuse of the Naira.
Nigeria's constitution prohibits the abuse of the Naira, deeming it a criminal offense punishable by law.
The Central Bank of Nigeria (CBN) Act and the Criminal Code Act gives clear provisions against the abuse and misuse of the Naira.
The Central Bank of Nigeria Act, Section 21 (1) states that: “A person who tampers with a coin or note issued by the bank is guilty of an offence, and shall on conviction be liable to imprisonment for a term not less than six months or to a fine not less that N50,000 or to both such fine and imprisonment.”
Furthermore, the Criminal Code Act, under Section 20, criminalizes the defacing, mutilating, tearing, or destroying of currency notes and coins issued by the CBN.
The punishment for currency abuse varies depending on the nature and gravity of the offense.
Below is the list of celebrities that have been prosecuted for Naira abuse:
1. Oluwadarasimi Omoseyin – The Nigerian actress popularly known as Simi Gold, was on Thursday, 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.
2. Bobrisky – Controversial cross-dresser, Idris Okuneye, popularly known as Bobrisky, was on Friday, April 12, 2024, convicted and sentenced to six months imprisonment without the option of a fine.
3. Cubana Chief Priest – Socialite and businessman Cubana Chief Priest, real name Pascal Okechukwu, was on Wednesday, April 17, 2024, charged to court for abusing banknotes after allegedly throwing money into the air at social events, a practice known as “spraying”. He however pleaded “not guilty”, and was granted a N10m bail with two sureties in like sum.