Cardoso noted that recent mystery shopping exercises conducted in major commercial hubs in Nigeria uncovered disturbing instances of Naira commoditization and abuse
By Kehinde Okeowo
Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and Nigeria’s National Security Adviser, Nuhu Ribadu, have told Nigerians that the federal government is taking the abuse of Naira and its commoditization seriously.
The CBN boss and the security chief made this clear on Thursday in Abuja at the bank’s security workshop.
Nigerians will recall that popular cross dresser, Idris Okuneye, popularly known as Bobrisky, was sentenced to six months imprisonment over naira abuse in April 2024.
Another socialite and celebrity bar man, Cubana Chief Priest was also charged by Nigeria’s anti-graft agency, EFCC over same issue.
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Speaking at the event, where security and law enforcement agencies gathered to address “Naira Abuse “, Cardoso disclosed that 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 CBN Governor stated.
“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,” he added.
The apex bank boss also called for strict measures to deter these practices, emphasising the role of law enforcement agencies in identifying and prosecuting individuals engaged in illicit currency dealings.
“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,” he further said.
Also speaking at the gathering, the National Security Adviser, Mallam Nuhu Ribadu, stressed the need for law enforcement agencies to take stronger action against offenders.
He further called for stricter regulatory measures against abusers of Nigeria’s local currency.
“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.” Ribadu stated.
