Lawyer seeks end to naira abuse

A lawyer, Tope Adebayo has lamented the ignorance of Nigerians about the legal framework guiding the use of Naira currency.

Adebayo a senior counsel in Topeka Alabi LP (TALP) regretted that many Nigerians were unaware of the law until recently after the arrest and trial of Idris Okuneye, a.k.a. ‘Bobrisky’, a Nollywood actress, Oluwadarasimi Omoseyin and Cubans Priest, Pascal Okechukwu for their involvement in Naira note abuse.

He said their trial highlighted the seriousness of the issue.

He, however, regretted that despite its significance, the abuse of Naira notes has become a pervasive issue in the country, undermining its integrity and the respect it commands.

 He said that this is exemplified in recent high-profile cases, the arrest, prosecution, and conviction of the socialites.

 Adebayo stated this in a published paper titled “Examining the Abuse of Naira Notes in Nigeria: A Legal and Comparative Perspective”

The paper explores the legal framework governing various forms of Naira abuse, in Nigeria in contrast to the regulatory landscape in the U.S.A. to buttress his position on the issue.

Adebayo argued: “Section 21 (1) – (3) of the Central Bank of Nigeria (CBN) Act 2007, addresses Naira abuse.

“The abuse of Naira notes is governed primarily by the (CBN) Act 2007 and this statute confers upon the CBN the authority to regulate the issuance, distribution, and handling of currency within the country.

“Section 21 of the CBN Act specifically prohibits the abuse of Naira notes, prescribing penalties for offenders, including fines and imprisonment.”Related News

On the other hand, he said that the legal frameworks in the United States are more comprehensive. For example, 18 U.S.C. section 333 prohibits the mutilation, diminution, and defacement of the Dollar, with violators subject to fines and imprisonment.

He emphasised the need for Nigerians to desist from Naira abuse and recognise the currency as a symbol of national pride and lifeblood of the nation’s economy.

“Currency serves as the lifeblood of any nation’s economy, embodying its value and facilitating economic transactions. In Nigeria, the Naira stands as a symbol of national pride and economic stability.”, he said.

“The arrest and pending trial of another socialite, Pascal Okechukwu, popularly known as ‘Cubana Chief Priest’, further underscores the prevalence of this illicit activity,” he stated.

He recalled: “Omoseyin and Bobrisky were sentenced to six months prison terms after pleading guilty, Cubana Chief Priest is still awaiting trial after pleading not guilty and granted bail by the Federal High Court.

“Unlike the cases of Bobrisky and Omoseyin, the not-guilty plea triggers a legal process where evidence and arguments are carefully scrutinised, ultimately leading to a court judgment.

“The consequences of Naira note abuse are multifaceted, one of which is that it compromises the durability of the currency, leading to premature deterioration.

“The desecration of a national currency (Naira) undermines its symbolic value and reflects poorly on the country’s image domestically and internationally.

“Despite the existence of  legislation and enforcing laws, currency abuse remains a significant challenge in Nigeria.

“Limited resources, tax enforcement mechanisms, and cultural attitudes towards money contribute to the prevalence of Naira abuse. Unlike in the USA where stringent enforcement and public awareness campaigns are in place,” he submitted.