EFCC commends Nigerians, says naira not abused like before

The chair of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has praised Nigerians for showing more respect towards the naira.

The EFCC has intensified its efforts to combat naira abuse this year. Notably, the agency successfully prosecuted and jailed Bobrisky, also known as Idris Okuneye, for naira abuse. In a similar vein, socialite and nightlife promoter Cubana Chief Priest faced charges for naira abuse in April.

During a broadcast on EFCC radio in Abuja, Olukoyede, speaking through agency spokesperson Dele Oyewale, emphasized the commission’s commitment to upholding existing laws.

Stressing the importance of protecting the national currency, Olukoyede urged everyone to be vigilant. Oyewale noted a positive shift in behavior at social gatherings, with people showing more respect for the naira due to increased awareness and adherence to legal regulations.

Let’s commend the bravery of the executive chairman for prioritizing the preservation of our identity. By upholding existing laws, we are fulfilling this responsibility despite facing numerous challenges.

Progress is evident as more individuals are acknowledging and adhering to these laws. Currently, we have secured nearly 50 convictions in this area.

When questioned about the legal basis for prosecuting those who misuse the naira, Olukoyede cited section 7 (2) of the EFCC law, which grants authority to oversee and implement all regulations related to economic and financial offenses.

According to Section 21 of the CBN Act, the Central Bank of Nigeria prohibits any form of currency misuse. The CBN has specifically warned against actions such as stapling, counterfeiting, selling, buying, spraying, writing on, tearing, or damaging the naira notes.

It is important to note that even if you refuse to accept the naira currency, it is considered a criminal offense under the law. The consequences outlined in the CBN act include a minimum prison sentence of six months or a fine of N50,000 or both.

Therefore, it is crucial for individuals to be aware of these regulations as ignorance will not be accepted as an excuse. The EFCC chairman emphasized that their agency is actively educating the public on these legal provisions.