Naira abuse has become a serious offence, with potential prison time, all thanks to the vigilance of the Economic and Financial Crimes Commission (EFCC), raising awareness among Nigerians about the repercussions.
As the EFCC intensifies its crackdown on Naira abusers, Nigerians are devising new methods to gift money at social gatherings. The recent arrests of public figures like Idris Okuneye, aka Bobrisky, serving a six-month jail term, and socialite Pascal Okechukwu, aka Cubana Chief Priest, fined N10 million, shows 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 to give money at social functions:
- Money boxes: Rather than spraying cash, guests can drop wads of money into designated money boxes, facilitating 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.
The celebrant’s or event host’s images are printed on the notes, typically in N1000 and N500 denominations, providing a unique and respectful way to gift money.
