Dollars were sprayed during Nigerian artist Davido, also known as David Adeleke, and his wife Chioma's wedding a few days ago, which generated debates about currency abuse among internet users.
According to Nigerian law, it is illegal to spray, dance on, or march on naira or any other note issued by CBN at social gatherings or for any other purpose. Offenders risk a fine of N50,000, up to six months in jail, or both (CBN Act, Section 21, 2007).
Nigerians have witnessed the Economic and Financial Crimes Commission (EFCC) apprehend Obi Cubana's Chief Priest and Bobrisky for misusing the naira, and artist Portable claims the EFCC is witch-hunting him due to claims of misusing the naira The CBN Act of 2007 only forbids Nigerians, foreigners, visitors, and tourists from using foreign currencies in Nigeria as a medium of payment for goods and services by individuals and corporate entities; however, that does not mean, that the act is entirely legal, going by the other aspects of the law, in particular, the 2022 Money Laundering Prohibition and Prevention Act for start-ups, on cash movement.
Although it appears Davido and Chioma outsmarted the financial institution seeing the large amount of dollars sprayed on the couple during their wedding, it appears the Nigerian law is silent on the spraying of foreign currency at social events.
Any negotiable instruments exceeding $10,000, whether in or out of Nigeria, must be declared to Nigerian Customs. If such an excess amount is not reported, there will be forfeiture, two years in jail, or both.
The section on the transportation of actual cash, in or out of Nigeria, over $10,000 that is not reported to Nigerian Customs, may be applicable, even though the circumstances are not typical of transactions undertaken in foreign policy, nor are they startups or corporate bodies.
A chubby guest is seen sprinkling the couple with a complete bundle of $100 bills in a widely circulated wedding video.
Netizens disagree on the couple's ability to outwit the person spraying naira ("wahala"), the claim that the event is not transactional, and the unpleasant truth that the wealthy may avoid the legislation while the underprivileged are penalized.
According to the data, using dollars for any kind of transaction while on Nigerian territory is prohibited by law, CBN policy, and the EFCC Act.
A dollar can only be converted into naira at one point in time, and not for transactions such as making purchases, paying for services, making donations, or giving gifts. Thus, it is illegal to throw money about a gathering. Additionally, the Nigerian dollar is not permitted to be abused in any way on Nigerian territory, according to @ PIDOMNIGERIA.
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