Naira Abuse: Lawyer Ayo Shonaiya Raises Concerns with EFCC

In recent times, the issue of naira abuse has become a significant topic of discussion in Nigeria. As the country’s currency continues to circulate widely, cases of its misuse have been on the rise. In light of this, renowned Nigerian lawyer, Ayo Shonaiya, has raised important questions regarding the role of the Economic and Financial Crimes Commission (EFCC) in addressing the matter. His concerns have sparked conversations about the misuse of Nigeria’s national currency and the need for greater enforcement of laws surrounding its protection.

The Growing Problem of Naira Abuse

Naira abuse refers to the improper treatment of the naira notes, including actions such as defacing, folding, or using them for purposes other than their intended use. This abuse, though often overlooked, has led to significant damage to the currency. Over time, the widespread practice has resulted in naira notes becoming dirty, torn, and difficult to use, undermining the currency’s value and dignity. As the face of Nigeria’s economy, the naira should be treated with respect, but many Nigerians have developed a habit of mishandling the notes, which raises concerns about the image of the country as well.

Ayo Shonaiya’s Concerns with the EFCC

Ayo Shonaiya, a legal expert, has taken to public platforms to ask the EFCC why they have not taken more stringent action against those responsible for naira abuse. His question centers on the role of the EFCC in curbing this practice and whether the agency is doing enough to ensure that Nigerians adhere to laws that protect the integrity of the national currency. Shonaiya believes that the EFCC, as the primary anti-corruption body in Nigeria, should take a proactive stance in addressing this form of disrespect to the naira.

The Role of the EFCC in Naira Protection

The EFCC is well-known for tackling major issues such as money laundering, fraud, and corruption. However, Shonaiya’s question highlights a gap in their focus when it comes to protecting the national currency from abuse. The Nigerian government has laws that prohibit the abuse of the naira, but enforcement has been lax. For instance, the Central Bank of Nigeria (CBN) has regulations that protect the naira, including measures to prevent its misuse, but the question remains as to whether these laws are being enforced strictly enough to deter such behavior.

Public Attitudes Toward the Naira

Part of the challenge lies in the way Nigerians perceive the naira. Many people view the currency as something disposable, using it for purposes that may not be immediately harmful but are still disrespectful, such as using it to clean objects or for other non-economic uses. There is a general lack of awareness about the importance of preserving the integrity of the currency, which contributes to the ongoing problem.

Ayo Shonaiya’s Call for Accountability

Through his public statement, Ayo Shonaiya is calling for greater accountability from the EFCC. He believes that a more concerted effort is needed to educate the public about the importance of treating the naira with respect and to enforce the laws that prevent its abuse. His question is a challenge to the EFCC to expand its focus and take on this seemingly smaller issue that has larger implications for the nation’s economy and reputation.

The Need for Public Awareness and Education

One of the key factors in addressing the issue of naira abuse is public education. Many Nigerians are unaware of the implications of mishandling the currency, and there is little awareness about the legal consequences of such behavior. Public awareness campaigns about the importance of the naira, the laws protecting it, and the effects of abuse on the country’s economic standing could go a long way in changing attitudes toward the currency.

Consequences of Naira Abuse

Naira abuse may seem like a minor issue, but its consequences are far-reaching. When naira notes are defaced or damaged, they are often withdrawn from circulation, creating a need for the Central Bank to print more currency. This contributes to inflation, as more money is printed to replace the damaged notes. Additionally, damaged currency makes it more difficult for people to conduct everyday transactions, especially in rural areas where the availability of clean notes is limited.

The Importance of Protecting the Naira

Ayo Shonaiya’s challenge to the EFCC is an important reminder that the issue of naira abuse should not be ignored. It may seem like a small issue, but when viewed in the context of the broader economic and cultural impact, it is clear that the protection of Nigeria’s currency is of significant importance. The EFCC and other relevant authorities must take more active steps to prevent naira abuse, while also educating the public on the importance of respecting the currency.

Written By Fortune Davidson