Why Spraying Of Naira Notes At Owambe Parties ‘ll Continue

Would you know why spraying of Naira notes at Owambe parties and other social events in the country will continue?

It is because the Central Bank of Nigeria (CBN) has said it could not for now sanction those who indulge in the act.

Owambe refers to lavish ceremonies, especially in the South-West where elegant dressings spendings hold sway.

Officials of the apex bank said during an interaction session with the organised labour in Calabar, Cross River state at the weekend.

 The acting Director, Corporate Communications, Osita Nwanisobi who represented CBN Governor Godwin Emefiele, said the apex bank is not empowered to enforce sanctions.

“CBN is not a law enforcement agency. But we completely frown at such an attitude where the national currency is not accorded its due respect as other nationals do their currencies”, he said.

He warned seriously against mishandling, defacing, rough-treating the Naira, saying the federal government spends much to print it, and the cost is usually borne by the people in the long run.

Nwanisobi, reports Daily Trust, said the five-year policy and programmes of the Emefiele-led bank were people-centred.

“We have churned out an array of economic intervention programmes aimed at impacting the economic well-being of the people.

“We want Nigerians, including smallholder farmers, petty traders, entrepreneurs and industrialists to key-in to these programmes instead of staying aloof to doubt.

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“We particularly encourage the return to agro-allied businesses instead of all depending on oil.”

The issue of spraying of naira notes at social events is something that many people have criticised before now.