The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has issued a stern warning to Nigerians, declaring that spraying and stamping on the Naira during ceremonies are not cultural practices but criminal offenses punishable under Nigerian law.
Speaking at a public awareness event in Abuja on Thursday, Olukoyede emphasized that such acts, often seen at weddings, birthdays, and social gatherings, constitute abuse of the national currency and are in clear violation of the Central Bank of Nigeria (CBN) Act.
“Let it be clear: spraying money or stamping on the Naira is not culture. It is a criminal offense. It is an abuse of our legal tender and anyone caught engaging in it will face the full wrath of the law,” Olukoyede stated firmly.
He further explained that under the CBN Act of 2007, mutilation, defacement, or any form of tampering with the Naira is prohibited and attracts legal consequences, including fines and imprisonment. The EFCC chairman expressed disappointment that despite repeated warnings, many Nigerians continue to flout this regulation, especially during high-profile social events.
“We are not trying to attack tradition or joy. But respect for the Naira must become part of our national values. The same way we revere the national flag and anthem, we must treat our currency with dignity,” he added.
Mr. Olukoyede urged event planners, musicians, DJs, and celebrants to support the campaign by promoting alternative, lawful means of gift-giving and celebration, such as using envelopes or digital transfers.
The EFCC reiterated its commitment to upholding the integrity of Nigeria’s financial system and warned that it will not hesitate to prosecute offenders regardless of their status in society.
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