YORUBA NEWS
HAUSA NEWS
IGBO NEWS

POPULAR TODAY

Ataoja of Osogbo, Oba Jimoh Olanipekun
Opinion

Ataoja’s stool: Oba Jimoh Olanipekun and his former friends

March 16, 2023
ADVERTISEMENT
FOLLOW US ON GOOGLE NEWS
SEND US NEWS
Tuesday, March 21, 2023
  • REPORT A STORY
  • PRIVACY POLICY
  • CONTACT
WITHIN NIGERIA
  • Home
  • Features
  • News Picks
  • Entertainment
  • Gist
  • Articles
  • Videos
No Result
View All Result
WITHIN NIGERIA
  • Home
  • Features
  • News Picks
  • Entertainment
  • Gist
  • Articles
  • Videos
No Result
View All Result
WITHIN NIGERIA
No Result
View All Result
  • Home
  • Features
  • News Picks
  • Entertainment
  • Gist
  • Articles
  • Videos
Home Analysis

Abuse Of Naira Notes Attracts Imprisonment 

Caleb Ijioma by Caleb Ijioma
February 22, 2023
in Analysis
Reading Time: 3 mins read
A A
0
Share on FacebookShare on Twitter

The Nigerian Naira is the Nigerian official currency minted by the Nigerian Security Printing and Minting Company Limited. This currency which is part of the country’s identity is managed and issued by the Central Bank of Nigeria (CBN) throughout the country. It controls the volume of money supplied to the economy to ensure monetary and price stability.

However, Just like all Legal tender in the world, abusing the Naira note attracts various degrees of punishment. There are laws provided to guide citizens on how they can handle the Nigerian Naira.

We’ve seen how citizens abuse the Naira note, with some facing the law for this act. Just recently,  operatives of the Independent Corrupt Practices and Other Fraud Related Offences Commission on Wednesday, February 1, 2023, arrested an actress, Oluwadarasimi Omoseyin, along Awolowo Road, Ikoyi, Lagos, for spraying and stepping on the new naira notes.

Omoseyin, who was handed over to the Economic Financial Crimes Commission for proper investigation, was on Monday by the EFCC before the court on a two-count charge.

READ ALSO

How Buhari Hid Under Immunity To Flout Court Orders, Undermine Rule Of Law

Despite practicing democracy for years, elections in Nigeria still fraught with violence, abuse of power 

New naira policy is driving Nigerians mad but experts insist it’s the only way 

Violence-free, Transparency — Citizen’s Expectations For 2023 Nigeria Elections

2023 Presidential Elections: The Next Nigerian President and The Zoning Rule

One of the counts reads, “That you, Oluwadarasimi Omoseyin on the 28th day of January 2023 at Monarch Event Centre, Lekki within the jurisdiction of this Honourable Court whilst dancing during a social occasion tampered with the sum of N100, 000.00 issued by the Central Bank of Nigeria by spraying same in the said occasion and you thereby committed an offence contrary to and punishable under Section 21 (1) of the Central Bank Act, 2007.”

The second reads, “That you, Oluwadarasimi Omoseyin on the 28th day of January, 2023 at Monarch Event Centre, Lekki within the jurisdiction of this Honourable Court whilst dancing during a social occasion tampered with the sum of N100, 000.00 issued by the Central Bank of Nigeria by dancing on same in the said occasion and you thereby committed an offence contrary to and punishable under section 21 (1) of the Central Bank Act, 2007.”

Citizens have had to flout this law severally, risking jail terms.

You Risk 6 Month In Jail For Abusing The Naira Note

Qudus Alalafia, Head of Chambers, Clemesis Associates, Wuye, Abuja, who spoke to Within Nigeria, said citizens who abuse the naira risk 6 months in jail or a fine of 50, 000 naira or both.

Alalafia who emphasized the provisions of the Central Bank of Nigeria Act 2007 (As amended) said that spraying, dancing, or matching on the Naira or any note issued by the Bank during social occasions or otherwise is illegal.

“Section 21(3) of the Central Bank of Nigeria Act 2007 (As amended) stipulates that spraying of, 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 or imprisonment or both.

“Similarly, Section 21(4) is to the effect that ‘It shall also be an offence punishable under Sub-section (1) of this section for any person to hawk, sell or otherwise trade in the Naira notes, coins or any other note issued by the Bank’ while 21 (5) of the same Act explains what it means to spray, match and hawks the naira notes. All these constitute abuse under CBN ACT. 

“It, therefore, follows suit that every security agency is empowered to enforce this provision of the CBN Act against any party who abuses the Nigerian currency,” he said.

Alalafia added that the duty to ensure that the naira isn’t abused isn’t that of the government but that of all Citizens. 

“It’s part of our civic duty and responsibility to make sure that we uphold and respect our national identity which Naira Notes form a part.”

Discussion about this post

POPULAR THIS WEEK

Ataoja’s stool: Oba Jimoh Olanipekun and his former friends

School of lamentations: Enugu Primary school where pupils sit on bare floor to receive lessons

Actress Akupem Poloo goes naked in front of her son to celebrate his birthday, gives reasons

10 Incredible Health Benefits Of Bitter Leaf Water

Types of government practiced in Nigeria, from monarchy to democracy

50 Diseases You May Not Know Aloe Vera Can Cure

Load More
WITHIN NIGERIA

WITHIN NIGERIA MEDIA LTD.

NEWS, MULTI MEDIA

WITHIN NIGERIA is an online news media that focuses on authoritative reports, investigations and major headlines that springs from National issues, Politics, Metro, Entertainment; and Articles.

Follow us on social media:

CORPORATE LINKS

  • About
  • Contacts
  • Report a story
  • Advertisement
  • Content Policy
  • Privacy Policy
  • Terms
 
  • Fact-Checking Policy
  • Ethics Policy
  • Corrections Policy
  • WHO IS WITHIN NIGERIA?
  • CONTACT US
  • PRIVACY
  • TERMS

© 2022 WITHIN NIGERIA MEDIA LTD. designed by WebAndName

No Result
View All Result
  • Home
  • Features
  • News Picks
  • Entertainment
  • Gist
  • Articles
  • Videos

© 2022 WITHIN NIGERIA MEDIA LTD. designed by WebAndName

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In