In Nigeria, the Central Bank of Nigeria (CBN) is responsible for issuing and regulating the country’s currency, including the Naira. According to the CBN, it is illegal to deface, damage, or mutilate the country’s currency. This is considered an offence under the Nigerian Currency Act and can result in legal penalties.
Under the Central Bank of Nigeria (CBN) Act of 2007, specifically Section 30, individuals found guilty of defacing currency can face fines and/or imprisonment for up to two years. The act states that any person who, without the authority of the Central Bank of Nigeria, destroys, defaces, disfigures, or otherwise damages any currency note or coin in Nigeria shall be guilty of an offence and shall on conviction be liable to a fine of N50,000 or imprisonment for two years or to both such fine and imprisonment.
Individuals who engage in the spraying of Naira notes at parties or events can face fines and/or imprisonment for up to two years if they are found guilty of violating the provisions of the CBN Act.
It’s important to note that the law regarding the defacement of currency exists to maintain the integrity of the country’s currency and to ensure its acceptability as a medium of exchange. It is in the interest of individuals to comply with the law and avoid engaging in illegal activities, such as spraying Naira notes at parties, to avoid legal penalties.
It is equally important to note that ignorance of the Law is not a valid defence and individuals are expected to be aware of the laws and regulations that apply to them.
This means that even if an individual was not aware of the law prohibiting the defacement of currency, for example, they could still be held liable and face the legal consequences if they are found to have engaged in the offence.
Therefore, it is important for individuals in Nigeria to familiarise themselves with the laws and regulations that apply to their actions and to seek legal advice if they are unsure about their obligations under the law.
In the case of Adefarasin v. Attorney General of the Federation (1995), the Supreme Court of Nigeria held that ignorance of the law is no defence and that every person is presumed to know the law. The court stated that “Every person is presumed to know the law and ignorance of the law is no excuse. This maxim is based on the principle that everyone is presumed to intend the consequences of his act.”
This case demonstrates that the principle that ignorance of the law is not a defence is well established in Nigerian jurisprudence, and has been upheld by the highest court in the country.
In summary, Nigerian Law prohibits the careless and rough handling of Naira notes and considers it a criminal offence that can result in fines and imprisonment.