CBN Pledges to Combat Widespread Buying and Selling of Naira Notes
The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has vowed to address the commoditization of the Naira, a growing issue that treats the national currency as a tradable asset rather than a medium of exchange.
Speaking at the inaugural Stakeholders’ Conference of the Committee of Heads of Banks Operations (CHBO) in Lagos, themed “Commoditization of Naira: The Way Forward,” Cardoso, represented by his Senior Special Adviser, Fatai Kareem, highlighted the significant threat this practice poses to Nigeria’s financial system and daily economic transactions.
“The Naira is not merely a currency; it embodies our national identity. Its stability is vital for economic growth and development,” Cardoso stated. He added that commoditization has turned the Naira into a commodity subjected to capitalist principles, undermining its primary role as a medium of exchange.
To combat this trend, the CBN has outlined key strategies, including:
– Enhancing public awareness on the responsible use of the Naira.
– Strengthening cash management systems to ensure equitable distribution nationwide.
– Collaborating with law enforcement to enforce regulations and prosecute offenders.
Read also: Tinubu: Over 100 Terror Financiers Convicted in Two Years
– Promoting digital payment channels to reduce dependence on cash and address digital errors through banks and the CBN.
Abraham Aziegbe, Chairman of the Executive Committee of CHBO, attributed the commoditization of the Naira to cash scarcity over the past two years, which led to citizens paying premiums for basic transactions. He expressed concerns about potential cash hoarding by banks, further exacerbating the issue.
Cardoso reiterated that protecting the integrity of the Naira is critical for Nigeria’s financial stability and economic growth.
