At the wedding of Nigerian singer, Davido, aka, David Adeleke, and his wife Chioma, held several days back, dollars were sprayed which has sparked arguments amongst netizens on currency abuse.
As stated in the Nigerian law, spraying of, dancing on or marching on the naira or any other note issued by CBN during social occasions or otherwise is an offence/abuse punishable by a fine of N50, 000, six months in prison or both (CBN Act, Section 21, 2007).
Nigerian have seen Obi Cubana’s Chief Priest and Bobrisky nabbed by the Economic and Financial Crimes Commission (EFCC), for abusing the naira, and singer, Portable decry he is being witch-hunted on allegations of naira abuse, by the EFCC on the instigations of Very Dark Man.
Although it seems Davido and Chioma outsmarted the financial institution seeing the large amount of dollars sprayed on the couple by guests at their wedding, as it appears the Nigerian Law is silent on the spraying of foreign currency at social event.
The CBN Act of 2007 only prohibits Nigerians, foreigners, visitors and tourists from the use of foreign currencies in Nigeria, as a medium of payment for goods and services by individuals and corporate entities.
However, that does not mean, that the act is entirely legal, going by the other aspects of the law, in particular, the 2022 Money Laundering Prohibition and Prevention Act for start-ups, on cash movement – – which states that the transportation of physical cash or negotiable instruments, in or out of Nigeria, higher than $10,000 must be declared to Nigerian Customs. Failure to report such an excess amount will be forfeited or 2 years imprisonment or both.
While the situation isn’t representative of a transaction made in foreign policy, nor are they start-ups or corporate bodies, the part on the transportation of physical cash, in or out of Nigeria higher than $10,000 not declared to Nigerian Customs may apply.
A circulating video from the wedding shows a plump guest spraying a whole bundle of $100 bills on the couple.
Netizens are divided on the couple ability to outsmart the naira spraying ‘wahala’, the argument that the event is non-transactional nature, and the often-harsh reality that the rich can circumvent the law while the poor gets punished.
“For the records, it is against the Nigerian Law, CBN policy and the EFCC Act to spend dollar for any form of transaction, while inside the Nigerian soil. Dollar can only be exchanged for naira at any given time, but not for transactional purposes, which includes purchase of any item, payment for services, donations or gifting. So, spraying of dollars at an event is totally against the law. And the law frowns on any form of currency abuse in Nigerian soil, of which Nigeria dollar is among,” says @PIDOMNIGERIA
Netizens responded to @PIDOMNIGERIA
“Just keep quiet abeg. Dollar wasn’t used for financial transaction. It was sprayed. Mention any part of the constitution or EFCC Act which is against it,” said @IamHIM_
“They should arrest Tinubu for sharing dollars during the APC primary election,” OnahRoseline4
“The law is not for everyone. Some people are above the law. Try it and see people right there at the event will call EFCC to arrest people,” said @greatnwanneo
“What specific portion of the Nigerian law, CBN policy or EFCC Act stops a legitimate holder of foreign currency from gifting it to another,” @Tope4dTop”
“Well, all that can be seen is the hypocrisy of the government agency called EFCC,” @all4_christ7
“Well, I have done a quick search, I couldn’t find anything on the handling and abuse of foreign currency in the Nigerian constitution. It’s all about the naira. So, unless you can show us the law prohibiting the abuse of foreign currency, then don’t drink Panadol for another’s headache,” @f_usomine.vv