The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called on critical stakeholders in the anti-graft war to join hands with the Commission in tackling the menace of naira abuse in Nigeria.
Olukoyede appealed on Friday during an engagement with critical stakeholders comprising movie producers, musicians, non-governmental organisations, media, bureau de change operators, legal practitioners, security agencies, among others
He said the sensitisation programme organised by the Lagos Zonal Directorate 1 of the EFCC, was a fallout of the increasing spate of Naira mutilation and abuse in Nigeria.
The EFCC boss described the Naira as not just a means of exchange, but a profound symbol of national sovereignty and pride.
While emphasising that the value and integrity of the Naira directly impact Nigeria’s economic stability and national image, he said: “The Naira is a symbol of our sovereignty. How we treat it reflects how much we respect ourselves as a people”
He also decried the rampant abuse of the Naira at social functions through practices such as spraying, stamping, and mutilation.
Olukoyede also dismissed the popular belief that spraying Naira, especially at social events, “is a cultural practice”.
According to him, “As a salary earner myself, it is unimaginable for me to throw my hard-earned income into the air. An offence is an offence, and ignorance of the law is no excuse,” he said.
“Being a criminal offence under the CBN Act and the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, Naira abuse imposes a heavy financial burden on the Central Bank, which expends substantial resources replacing defaced or mutilated notes.”
He, therefore, urged entertainers, influencers, and stakeholders in the creative industry to leverage their platforms to promote the proper handling of the national currency, adding that “In every performance, let one of your opening lines be a reminder to your fans that spraying or stamping on the Naira is a crime. We must all rise to defend the integrity of our currency.”
