{"id":48648,"date":"2021-08-20T18:28:56","date_gmt":"2021-08-20T17:28:56","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/?p=48648"},"modified":"2021-08-20T17:55:07","modified_gmt":"2021-08-20T16:55:07","slug":"politicians-main-culprits-of-naira-spray-divergent-reactions-trail-cbn-ban","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/politicians-main-culprits-of-naira-spray-divergent-reactions-trail-cbn-ban","title":{"rendered":"Politicians main culprits of Naira spray \u2013 Divergent reactions trail CBN ban"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong><a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a> &#8211; <a href=\"https:\/\/www.africa-press.net\/nigeria\">Nigeria<\/a>. <\/strong><\/span><b>By Fikayo Olowolagba and Nsikak Nseyen<\/b><\/p>\n<p>The Central Bank of Nigeria, CBN recently announced that abusers of Naira notes would be persecuted.<\/p>\n<p>The apex bank, in collaboration with the Nigeria Police, Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC), and the Nigerian Financial Intelligence Unit (NFIU) will henceforth persecute Nigerians who spray Naira notes.<\/p>\n<p>CBN Acting Director, Corporate Communication, Osita Nwanisobi, citing Section 21(3) of the CBN Act, 2007 (as amended), in a statement said Naira spraying and selling at parties, weddings and funerals was a disrespect to the currency, adding that it has decided to establish a mobile court.<\/p>\n<p>\u201cDefaulters would be jailed for not less than six months and would be given the option of a N50,000 fine.\u201d<\/p>\n<p>This new policy has been met with reactions from Nigerians and financial experts.<\/p>\n<p>When DAILY POST contacted one Mr Akin Adewale from a first generation bank, he welcomed the new policy, adding that spraying of Naira notes could lead to the sale of fake Naira notes at weddings and introduce fake notes into the economy.<\/p>\n<p>He added that the new CBN policy would place value on the Naira and reduce the printing of Naira notes, which will have a positive effect on the economy in the long run.<\/p>\n<p>Obi Cubana, E-money, others in trouble as CBN, EFCC, Police target Naira sprayers<\/p>\n<p>He told DAILY POST: \u201c When Naira is sprayed at parties, events, people step on it, it could get torn, traders can print fake and sell fake notes at weddings, which could introduce fake notes into the economy.<\/p>\n<p>\u201cWhat CBN said is that they spend a lot of money printing it, and the cost is passed on to the economy in the long run.<\/p>\n<p>\u201cIf the money is rough or torn, its life span is reduced, and printing becomes more frequent, which leads to inflation.\u201d<\/p>\n<p>Also, a financial expert who pleaded anonymity said the policy does not have a direct effect on the economy.<\/p>\n<p>\u201cThe CBN policy to arrest defaulters spraying Naira notes is a good development because the apex bank will not have to print Naira notes.<\/p>\n<p>\u201cThis act would have a recourse effect on how Naira is being perceived outside Nigeria.<\/p>\n<p>\u201cIt is common practice amongst financial institutions to hide clean note (mint) across different denominations, and they often sell to the highest bidder or give preferential treatment.<\/p>\n<p>\u201cThis policy would help in proper determination of clean note and availability to everyone.\u201d<\/p>\n<p>DAILY POST observed that this is not the first time the apex bank will issue such a policy but failed to persecute defaulters.<\/p>\n<p>In 2017, the apex bank had warned that anyone caught abusing the currency will pay a fine of N50, 000 or risk six months in jail if convicted.<\/p>\n<p>However, the policy had not been adhered to as Nigerians continued to spray the Naira at occasions.<\/p>\n<p>Speaking to DAILY POST, some Nigerians believed that the policy might not work because wealthy Nigerians and politicians are guilty of flouting the law, and no arrest has been made since the first warning.<\/p>\n<p>Anozike Ebuben said, \u201dSpraying Naira and other currencies is loved by Nigerians at different occasions. This policy will be difficult for people who see the act as a culture used to celebrate. In fact, how many people can they arrest? Is it the police that collects bribe daily that would arrest? I doubt.\u201d<\/p>\n<p>Fredrick Sandra said, \u201dThis plan to arrest people was announced two years ago, but they haven\u2019t arrested anyone till date, you know why? Politicians and influential Nigerians are also guilty. Even those who made the announcement will attend parties and you will see them spraying but would not say anything because some policies are meant for the poor. Let us not forget that Buhari\u2019s daughter was sprayed at her wedding, even Malami\u2019s son. Were they arrested?\u201d<\/p>\n<p>Recall that a video of guests spraying money at the wedding of President Muhammadu Buhari\u2019s daughter, Hanan Buhari, and Turad Sha\u2019aban had sparked a heated debate on social media last year.<\/p>\n<p>Those who have severally flouted section 21 of the CBN Act 2007 include self-proclaimed Prophet, Chukwuemeka Ohanaemere, also known as Odumeje.<\/p>\n<p>Nigerians also queried why no one was arrested when a viral video showed the son of the Attorney-General of the Federation, Abdulazeez Malami, being sprayed with money at his wedding in Kebbi State.<\/p>\n<p>Here are other comments gathered from Twitter;<\/p>\n<p>@softhots, \u201c This spray Naira notes and go to jail policy by CBN is somehow. I don\u2019t see it as an abuse of the currency sha. I think it keeps the note fresh.<\/p>\n<p>@Mcshaffy, \u201c This culture of Naira spraying by Nigerians that has become almost normal should never be normalized. It\u2019s absurd &amp; cancerous. Spraying should be prohibited and I commend CBN for this move.<\/p>\n<p>Dbaba79, \u201c We need to start worrying about what\u2019s important and leave what\u2019s not. We have too many wrong things in Nigeria to worry about, why add how people chose to flaunt their money to the list? PMB is still President, Boko Haram still wreaking havoc, price of food still over the roof.\u201d<\/p>\n<p>@pacey, \u201cIt\u2019s our culture to spray money during an event, even weddings, so I think if this law takes effect, they will be arresting all Nigerians.\u201d<\/p>\n<p>@aderoju, \u201c First thing first, the act of spraying money is stupid. It shows you don\u2019t value the currency, that\u2019s bad. Nigerians don\u2019t value anything Nigerian. Although, I doubt they will adhere to the policy, I feel it is a step in the right direction.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. By Fikayo Olowolagba and Nsikak Nseyen The Central Bank of Nigeria, CBN recently announced that abusers of Naira notes would be persecuted. The apex bank, in collaboration with the Nigeria Police, Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC), and the Nigerian Financial Intelligence Unit (NFIU) will henceforth [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":48647,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28,26],"tags":[1570,2140,503,5158,254],"class_list":["post-48648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-nigeria-2","tag-cbn","tag-naira-spray","tag-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Politicians main culprits of Naira spray \u2013 Divergent reactions trail CBN ban - Nigeria<\/title>\n<meta name=\"description\" content=\"By Fikayo Olowolagba and Nsikak Nseyen The Central Bank of Nigeria, CBN recently announced that abusers of Naira ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/politicians-main-culprits-of-naira-spray-divergent-reactions-trail-cbn-ban\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Politicians main culprits of Naira spray \u2013 Divergent reactions trail CBN ban\" \/>\n<meta property=\"og:description\" content=\"By Fikayo Olowolagba and Nsikak Nseyen The Central Bank of Nigeria, CBN recently announced that abusers of Naira ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/politicians-main-culprits-of-naira-spray-divergent-reactions-trail-cbn-ban\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-20T17:28:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/08\/img-611fde4caf40e.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/politicians-main-culprits-of-naira-spray-divergent-reactions-trail-cbn-ban#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/politicians-main-culprits-of-naira-spray-divergent-reactions-trail-cbn-ban\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Politicians main culprits of Naira spray \u2013 Divergent reactions trail CBN ban\",\"datePublished\":\"2021-08-20T17:28:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/politicians-main-culprits-of-naira-spray-divergent-reactions-trail-cbn-ban\"},\"wordCount\":938,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/politicians-main-culprits-of-naira-spray-divergent-reactions-trail-cbn-ban#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/08\/img-611fde4caf40e.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"CBN\",\"Naira spray\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/politicians-main-culprits-of-naira-spray-divergent-reactions-trail-cbn-ban#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/politicians-main-culprits-of-naira-spray-divergent-reactions-trail-cbn-ban\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/politicians-main-culprits-of-naira-spray-divergent-reactions-trail-cbn-ban\",\"name\":\"Politicians main culprits of Naira spray \u2013 Divergent reactions trail CBN ban - 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