Naira abuse has become a serious offense carrying potential prison time.
The Economic and Financial Crimes Commission (EFCC), is raising awareness among Nigerians about the consequences.
As the EFCC intensifies its crackdown on Naira abuse, Nigerians are developing new methods for gifting money at social gatherings.
Recent arrests of public figures like Idris Okuneye, known as Bobrisky, serving a six-month jail term, and socialite Pascal Okechukwu, known as Cubana Chief Priest, fined ₦10 million, demonstrate the government’s determination to enforce respect for the Naira.
In February 2024, actress Oluwadarasimi Omoseyin received a six-month jail sentence for Naira abuse, accused of defacing the currency by spraying and stepping on it at a Lagos event.
Here are some innovative ways Nigerians have adopted for giving money at social functions:
– Money boxes: Instead of spraying cash, guests can place wads of money into designated money boxes, offering a more respectful method of gift-giving.
– Bank transfers: Attendees at ceremonies now transfer money via bank apps while dancing, replacing traditional cash spraying with electronic transactions.
– Money vouchers: Guests purchase money vouchers equivalent to the amount they wish to give. They transfer the money to an agent’s account and receive vouchers in different denominations, typically with the celebrant’s or event host’s images printed on the notes, often in N1000 and N500 denominations, providing a unique and respectful way to gift money.
