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The crackdown on spraying of money is a waste of time

Let’s break down why 

What “Spraying Money” Actually Is

• It’s a cultural performance: guests throw money (typically naira notes) in celebration, often during weddings or parties.

• The money is often picked up later, either by the celebrants or by helpers.

• The notes are sometimes crumpled or stepped on, which can physically damage them — leading to currency mutilation in the literal sense.

What the Government Says

• The EFCC and Central Bank argue that:

• Spraying contributes to the defacing and destruction of notes.

• This leads to higher costs for reprinting currency.

• It “disrespects” the currency, weakening public trust in it.

• Symbolically, it contributes to a “culture of indiscipline.”

What’s Actually Affecting the Naira

The real drivers of naira instability are:

1. Dollar scarcity: Nigeria is overly dependent on imports but earns less foreign exchange due to underperforming oil revenues and low non-oil exports.

2. Inflation: Rising prices erode naira’s value.

3. Policy uncertainty: Sudden reforms (e.g., floating the naira, fuel subsidy removal) have caused volatility.

4. Capital flight and low investor confidence.

5. Crypto and parallel markets: These often offer better exchange rates, weakening official control.

Spraying parties, meanwhile, do not create or destroy currency volume, nor do they directly alter macroeconomic forces. The physical damage to notes is a micro-level issue — a logistical cost, not a monetary policy threat.

The Real Message Behind the Crackdown

• It’s less about economics and more about optics and control.

• The government is signaling discipline and moral order at a time when it’s asking citizens to make sacrifices (amid subsidy removals, forex reforms, etc.).

• But critics say it’s performative, scapegoating cultural practices while ignoring elite corruption or forex manipulation at scale.

Spraying money doesn’t meaningfully affect the value of the naira. It’s a distraction from the deeper economic reforms and failures that truly matter. The EFCC crackdown may reduce damaged notes — but it won’t stabilize the exchange rate, reduce inflation, or restore investor confidence.

If the goal is naira stability, spraying is a symbolic footnote — not a cause.

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