The Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso, has issued a strong warning to Nigerians against the abuse of the Naira and its commoditization.
Cardoso gave the warning at the bank’s security workshop held in Abuja on Thursday, March 13th, 2025.
He said: “Recent mystery shopping exercises conducted in major commercial hubs, including Abuja, Asaba, Awka, Benin, Ilorin, Kano, and Ibadan, uncovered disturbing instances of Naira commoditization and abuse.”
“A critical concern that arises from these transactions is an illegal act and a premium charged on banknotes ranging from 20 percent to 40 percent per transaction.”
“The gravity of this situation is further exposed by a recent exercise where banknotes amounting to N2.3 million were acquired with a total payment, including premiums, of N3.2 million.”
“The blatant disregard for our nation’s legal tender not only weakens the value of the Naira but also erodes respect for our national identity. If we disrespect it this way and expect a strong Naira, we are deceiving ourselves.”
“I am calling for strict measures to deter these practices, the role of law enforcement agencies in identifying and prosecuting individuals engaged in illicit currency dealings is important.”
“By sending a strong message to the public that these actions will not be tolerated, we can foster a sense of responsibility and respect towards our currency.”
However, speaking at the workshop, the National Security Adviser, Mallam Nuhu Ribadu, stressed the need for law enforcement agencies to take stronger action against offenders.
He said; “From time to time, when law enforcement acts, I think they should do more. Bringing people to justice, no matter how bitter, is necessary.”
“Impunity is the mother of all the problems we have. Nobody is punished for bad behaviour, and they don’t even see it as a bad thing until they are held accountable.”
