Last week, the Central Bank of Nigeria (CBN) said it planned to introduce mobile courts for violators of its new action to salvage the nation’s local currencies. In this piece, MOHAMMED SHOSANYA, JUSTUS ADEJUMOH, and ISAAC ASABOR, examine the action of the apex bank as well as its efficacy to stop the mutilation of the notes.
Aremu Pelewura (not real names),a Lagos socialite, displayed his ‘spraying artistry and how best to fete the intelligentsia at the final burial rites of his father which held in a sprawling banquet hall on the Island recently.
His friends and associates didn’t disappoint him in spraying Naira notes of various denominations on the musician who was on hand to add colour to the ceremony even in the presence of law enforcement agents that were hired to secure the personalities that attended it.
To say the least, the ceremony turned out to be one of the talks of the town due to show of affluence showed by Pelewura and his associate.
Today, Pelewura, may earn himself six months imprisonment or N50,000 courtesy of the new move by the Central Bank of Nigeria to restore the value of the nation’s currency through stringent actions against mutilators.
His partner in crime, who trades in Naira in markets, streets and bus stops would also incur the wrath of the law of the apex bank.
Mobile Court Option
Although, this is not the first time the apex bank is campaigning against Naira multilation, the latest move may be going beyond rhetoric to implement the law against naira mutilation to the letter
Already, the Central Bank of Nigeria said it is planning introduction of mobile courts across the country to try people that mutilate or trade the Naira in parties or any place.
Mr. Isaac Okoroafor, Spokesman of the apex bank, said CBN is working with the police and other security agencies like Nigeria Security and Civil Defence Corps (NSCDC) to arrest all that indulge in this act.
He stressed that judiciary is also working to set up mobile courts to give immediate judgment to any offender.
Okoroafor said that “It is an offense for anybody to sell or squeeze the Naira, spray or dance on it in parties”, adding that some people have customised guns to spray the Naira, and that it is only in Nigeria that this act takes place.
He disclosed that a Naira note vendor, Mrs. Anifat Abiodun, is being remanded in Agodi Prison in Ibadan, after she was arraigned by men of the Nigeria Security and Civil Defense Corps (NSCDC) Oyo state command before a Federal High Court on a two count charge of tampering and trading in currency, hawking and selling of currency notes.
Okorafor had attributed the scarcity of the N100 notes to the currency peddlers and those who spray it at parties saying “It is the note being used most at parties and then they mutilate theses notes. So even if we print it on Friday, it gets to the party and by Monday the note is already mutilated.”
He urged members of the public who have fallen victims of exorbitant bank charges to report such infractions to the apex bank.
“If you feel aggrieved that an ATM is extorting you, if it happens, take out time to go to your bank to protest. And if they deny, do it in writing after you get their response and whether they respond or not, just bring it to us through an email and we will take note of it.
Legislative Action
When in the month of March 2017, the House of Representatives urged the Central Bank of Nigeria (CBN) to urgently withdraw and destroy mutilated Naira notes in circulation, not a few Nigerians were excited as they had been groaning under the burden of spending dirty, smelling and mutilated naira notes, particularly the N100 denomination.
The House also charged the National Orientation Agency to carry out sustained public enlightenment to educate Nigerians on the need to handle the Naira notes cautiously with care.
The resolutions followed a motion by Rep. Adekola Alexander (PDP- Ekiti).
Moving the motion, Alexander said that the alarming rate of mutilated currency notes in circulation had become a national embarrassment.
He added that banks were issuing torn, mutilated and unhygienic currency notes through ATM machines and across the counter.
The lawmaker expressed worry that most of the mutilated currency notes in circulation harbored pathogenic micro-organisms hazardous to human health. He said that the mutilated notes also harbored infectious disease such as diarrhea, food poisoning and respiratory problems which could be spread through the notes.
The motion was unanimously adopted by members when it was put to a voice vote by the Speaker, Mr Yakubu Dogara.
The House, therefore, mandated the Committee on Banking and Currency to conduct an investigation into the activities of the cartel by beaming searchlight on the CBN, commercial banks and other allied institutions. The committee was given six weeks to carry out the assignment.
Complicity
Without any iota of exaggeration, Hon. Adekola cannot be said to have argued wrongly when viewed from the fact that six central bank officials and 16 commercial bank staff were in 2015 arrested in connection with currency theft and recirculating naira notes intended for destruction.
The Economic and Financial Crime Commission (EFCC) charged the senior officials of the CBN and some commercial lenders following their arrest in connection with an alleged N8bn ($40m) currency fraud scheme.
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