According to Central Bank of Nigeria, it has no power to stop Nigerians from spraying Naira notes during events.
However, no one has ever been jailed for abusing the Naira. Naira-spraying socialites, celebrities and politicians are frowned upon by the Central Bank of Nigeria (CBN).
Aside from that, the bank concedes that it can’t do much to curb the abuse of the naira ‘Owambes’, weddings, and funerals are all prohibited by Section 21 of the CBN Act. According to Section 21(3) of the CBN Act, spraying, dancing, or matching on the Naira or any note issued by the CBN is illegal.
It is also illegal to hawk, sell, or trade in the Naira. However, the CBN says it is not a law enforcement agency that can jail Nigerians who abuse their currency. In June, the CBN cautioned those who mistreat the naira that they could face jail time.