The CBN Act refers to the Central Bank of Nigeria Act 2007, which is the legislation governing the operations and functions of the Central Bank of Nigeria (CBN). The CBN is the apex monetary authority in Nigeria responsible for formulating and implementing monetary policies to achieve price stability and ensure the soundness of the financial system.
Regarding the abuse of the naira, Nigeria has specific laws and penalties in place to deter individuals from engaging in activities that undermine the integrity of the national currency. The main legislation that addresses the abuse of the naira is the CBN Act of 2007, as amended. Under the CBN Act, Section 20(4) identifies actions that are considered criminal offences related to the naira. These include: 1. Spraying, stepping on, soiling, or mutilating the naira at social occasions or otherwise. 2. Writing and inscribing on the naira. 3. Drawing or painting on any banknote or coin without authorization from the CBN. 4. Selling or buying of the naira notes as a commodity. The CBN Act also prescribes penalties for these offences. According to Section 21(3) of the Act, anyone found guilty of any of the offences mentioned above may be liable to a fine not exceeding ₦50,000 (Nigerian Naira), or imprisonment for a term not exceeding six months, or both.
This follows the recent court decision on Bobrisky, which has sparked considerable debate regarding whether he/she was singled out or if there are further underlying factors influencing Bobrisky's prosecution. "A well-known crossdresser and socialite named Idris Okuneye, also known as Bobrisky, was sentenced by a Federal High Court in Lagos. The court sentenced him to six months in jail with no possibility of paying a fine. The sentence was a result of his involvement in naira abuse, a term referring to the improper use or manipulation of Nigerian currency. Bobrisky's arrest by the Economic and Financial Crimes Commission (EFCC) in Lagos State." Source Sahara reporters. Furthermore, the CBN Act empowers the CBN to collaborate with law enforcement agencies to investigate and prosecute offenders involved in the abuse of the naira.
A lot of people have debated the fact that Bobrisky is a first-time offender, turning a blind eye to the fact that the court has discretionary power when it comes to dealing with first-time offenders. This means that for individuals who commit a crime for the first time, the court MAY have the authority to exercise leniency in sentencing or impose alternative penalties instead of a strict punishment. The court takes into consideration factors such as the nature of the offence, the offender's background, and their willingness to reform. Ultimately, the court has the power to decide the appropriate course of action for first-time offenders based on the circumstances of the case.
It is important to note that the CBN takes the protection of the naira seriously, and it is an offence to abuse the currency. Engaging in any activity that undermines the integrity of the naira may result in penalties and legal consequences.