A financial expert, Mr Okechukwu Unegbu, has urged the Federal Government to dissipate more effort in arresting and prosecuting politicians accused of looting the treasury.
Unegbu, a past president of the Chattered Institute of Bankers of Nigeria (CIBN), gave the advice in an interview on Sunday in Abuja
He spoke against the backdrop of recent arrest and prosecution of some Nigerians by the Economic and Financial Crime Commission (EFCC) for abusing and mutilating the Naira.
The Central Bank of Nigeria (CBN) Act 2007 criminalises abuse of the Naira.
Section 21 of the Act listed spraying, dancing or marching on the Naira or any other notes issued by the CBN during social occasions as constituting an abuse and defacing of the currency.
The law provides that such acts are punishable by a six months imprisonment of a fine of N50,000 or both.
According to Unegbu, spraying monies at social events is a time-tested culture in Nigeria which should not be criminalised.
” The EFCC should rather go after corrupt politicians that have been accused of looting the treasury and causing mass poverty, not those spraying their hard earned money.
“Bringing treasury looters and corrupt politicians to book will be more beneficial to the country than going after those spraying Naira at parties.
” We have been spraying money during social occasions for decades and it is part of our culture. People can not stop spraying money.
“And, there are issues to be decided. How are we sure that all the currencies they throw about are only Naira? There may be other currencies. Are they fighting for other countries’ currencies?,” he queried.
Unegbu urged the authorities to rather sensitise Nigerians about the proper manner to handle the Naira.
He also urged the CBN to ensure that the Naira is printed with quality materials like the dollar and other foreign currencies to enhance its durability.
“EFCC should be advising people who want to spray money; if they want to avoid abuse of the Naira at the ceremony, hold a bag or a net so that people can throw the money in there instead of throwing it on the floor.
“People should also be encouraged to keep money in wallets. That way, the Naira notes will remain durable.
“The CBN should also ensure to print the Naira to be of high quality like the dollar so that it can be durable,” he said.