Naira Abuse: Lawyer calls for amendment of CBN Act
Naira notes
Published By: Paul Dada
Prof. Cyprian Edward-Ekpo, Director General, Institute of Law Research and Development of United Nations (ILAWDUN), Washington DC, has advocated the amendment of Central Bank of Nigeria (CBN) Act to accommodate spraying of naira.
Edward-Ekpo said this during an interview with the News Agency of Nigeria (NAN) in Abuja on Thursday.
He said the section of CBN Act 2007 which prohibits the spraying of naira would not add any value to the development of the country.
He said the amendment became necessary to avoid trampling on the fundamental right of the people, adding that naira spraying had always been part of our culture.
According to him spraying naira does not contribute negatively to the nation’s economy neither does it aggravate inflation.
“So I don’t see how that should be an issue that will lead to the enactment of Section 21 of the CBN Act.
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“During our forefathers when people were engaging in marriages, naming ceremonies and they invited kings, family members and others, they would dance and the people would drop money for the celebrants’’, he said.
This, according to him, is for the purpose of demonstrating to the community they had contributed to the celebrant’s welfare.
“As far as this has remained the culture of the people over time, I don’t see the need to make a law to stop it’’, he told NAN.
He said stated those who drafted the section of CBN Act that prohibits spraying of money were yet to convince Nigerians on why the law was necessary.
He, therefore, urged the national assembly to strike out the section of the law.
(NAN)
