Tuesday, May 30, 2006

The Abuse of the Naira and Being Above the Law

“…The spraying of, dancing or marching on the Naira or any note issued by the Bank during social occasions or otherwise howsoever shall constitute an abuse and defacing of the Naira or such note and shall be punishable under subsection (1) of this section...” -- Section 21, subsection 1-4 of the Central Bank of Nigeria Act 2006.

Picture: Abuse of the Naira: At a wedding ceremony of son of Professor Jerry Gana (special adviser to the Nigerian President), at the International Conference Centre, Abuja attended by Ministers, top government officials, politicians and captains of industry... recently in Abuja. PHOTO: PHILIP OJISUA \ Nigerian Guardian; Sunday May 21, 2006.

I wrote in an earlier post that the law quoted above ( yet to drafted into the Nigerian constitution) is an example of an "unenforceable law" and that "I will be surprised if anyone is ever prosecuted for ‘spraying’ and ‘physically abusing’ the Naira as stipulated under this law." The picture above confirms the validity of the statement. The colorful pieces of paper on the floor are Naira- the Nigerian currency.

As I understand the Nigerian Central Bank has been running newspaper ads in Nigeria against the 'act of spraying'- whose chief culprits ironically are the big shots in the society.

Given this gross disregard for- and abuse and defacing of- the Naira, will the CBN boss, Professor Charles Soludo openly reprimand Professor Jerry Gana and his guests?