By Fatima Muraina

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Financial experts have called for the enforcement of monetary policy to tackle the unnecessary abuse of the naira, so that it can be made available to the less privileged in the country.

Speaking in separate interviews with The Hope, the experts, a chartered accountant Mr Joseph Adeyiwola and economist Elder Fessy Olabode, attributed the abuse of the naira to the government, financial institutions, internet fraudsters (yahoo boys), philanthropists, as well as Nigerian culture, which should be addressed by the government through the enforcement of monetary policy.

Pastor Joseph Adeyiwola, an Akure-based chartered accountant, described cash spraying at parties as naira abuse, which has become a societal cancer.

“Naira abuse has been ongoing for many years by the majority of Nigerians, who should have been made to face legal consequences,” he observed.

Adeyiwola stated that there are laws to arrest those involved in this act, with punishments such as imprisonment.

However, he said, the law is neither enforced nor implemented.

According to him, the policy on limited cash withdrawals was introduced as a way of curbing the high rate of cash spraying at parties, but it has instead become a trading commodity, like tomatoes and other goods in the market.

“The trend is high because people are trading with the naira, just like traders sell tomatoes in the market, and the highest bidder gets whatever amount is requested in minutes,” he declared.

He also noted that POS operators claim to purchase money before getting the cash to transact with, which leads them to inflate the commission for certain amounts.

“That’s why, especially for politicians, there’s no amount of money they need or want to use at a party that they won’t get,” he added.

However, banks are not justified in maintaining withdrawal limits while the failure to enforce the law remains a significant challenge.

Additionally, the CBN can track down those who are over-withdrawing cash through their account numbers on a daily basis. The government can also send intelligence officers to monitor parties and arrest as many perpetrators as possible at special events.

He advised that internet fraudsters (yahoo boys) who throw money on the street should be arrested and asked to explain the source of their money. He pointed an accusing finger at financial institutions that trade in such money, preferring to give bulk sums to politicians rather than providing smaller amounts to customers for domestic needs.

This situation, Adeyiwola affirmed, signals bribery and corruption, and he called on the EFCC to wake up to its responsibilities. He urged the EFCC to create more offences in all states and local government areas so that officials can monitor and arrest perpetrators at large parties when necessary.

He expressed disappointment that the government cannot continue to preach economic discipline without holding those abusing the naira accountable.

“Money being wasted in this manner could be used for developmental purposes that can be very productive,” he said. “There are people who could actually produce goods that could help our economy, but they don’t have access to funds.”

Similarly, economist and consultant Elder Fessy Olabode said that the abuse of money is a form of corruption, which should be fought collectively. He stated that spraying money at parties should be discouraged.

“If we, as Nigerians, all agree that it’s a bad habit and recognise that it’s affecting us, then we can approach the government,” he said.

According to him, the EFCC cannot do much because the areas where such crimes are perpetrated far exceed the number of EFCC officers, making it difficult to catch them at every point.

He called on the National Orientation Agency to change the mindset of the people through advocacy and numerous jingles against such habits.

He emphasised the need for the government to provide security for people’s lives and property, advising Nigerians to reject what he called a “get-rich-quick” syndrome, so that people who are struggling do not feel marginalised in society.

He also urged the EFCC to go after those selling freshly minted money and ask where they are obtaining it from, while holding bankers, especially managers, accountable for trading in such money.

This, he said, would tackle the issue from its source.