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With the recent arrests and activities of the Economic and Financial Crimes Commission (EFCC), the awareness of spraying money as naira abuse at parties and social functions has been well established. However, there are other forms of naira abuses which are common practices across the country. By the provision of section 21(1), (2), (3) and section 20(5)of the CBN Act 2007, the following are offences punishable by imprisonment for a term not less than six months or to a fine not less than N50,000 or to both such fine and imprisonment.

Nigerians Innovate New Ways to Celebrate without Violating Naira Abuse Laws

With the flashlights of the Economic and Financial Crimes Commission on abusers of Naira, Nigerians have devised new methods to ensure that the funfair that comes with the spraying of naira at social functions remains.

Following the Friday imprisonment of Bobrisky, PUNCH presents a list of actions involving the naira that could lead to legal consequences

The RBI appears to admit, without any embarrassment whatsoever, that once the purpose of inflating the value of currency in circulation has been served, there is no further need for the denomination.