Nigeria Banking Update

The integrity of the naira appears to be a major issue of concern to the apex bank, and this is understandable. For quite some time now, the CBN has been promoting campaigns aimed at enlightening the public on how to handle the naira. This is against the backdrop of the observed rough handling of the currency by most Nigerians. The bank is particularly worried about the way members of the public spray and march upon the naira at social functions. In the bank's view, this amounts to abuse and derogation of the currency.Ironically,despite the campaign, the culture of abuse seems to persist. The CBN is serious in its desire to stop the practice and there is now a legal framework to enforce the campaign and punish offenders.

It is now an offence punishable by a jail term of not less than five years for offenders and the establishment of commercial courts to enhance quick adjudication and dispensation of justice in such matters.Our low level of development and the harsh economic environment is to blame for the way and manner the naira exchanges hands. The menace of thieves and pickpockets compounds the problem. It is inconceivable and unnecessary for the CBN to think that it could change an age-long social behaviour using coercive law. The spraying of naira notes at parties has become an aspect of the people's self-expression in many parts of the country. Most Nigerians grew up with it. A new piece of law is probably not the solution to this.