The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and Nigeria’s National Security Adviser, Nuhu Ribadu, have cautioned Nigerians against the abuse and commercialization of the Naira. Speaking at a CBN security workshop held in Abuja on Thursday, both officials addressed security and law enforcement agencies on the matter. Cardoso revealed that recent mystery shopping exercises conducted in major commercial hubs like Abuja, Asaba, Awka, Benin, Ilorin, Kano, and Ibadan exposed alarming cases of Naira abuse and commoditization.
He disclosed that investigations revealed illegal practices where banknotes were sold with premiums ranging between 20% and 40% per transaction. He highlighted a particular incident where N2.3 million in banknotes was purchased for N3.2 million, including the added premiums.
“The blatant disrespect for our national currency not only diminishes the value of the Naira but also undermines our national identity,” Cardoso warned. “If we continue this way and still expect a strong Naira, we are only deceiving ourselves.”
The CBN Governor urged stricter measures to curb these practices, emphasizing the need for law enforcement agencies to identify and prosecute those involved in illicit currency dealings.
“By sending a clear message that such actions will not be tolerated, we can encourage greater respect and responsibility toward our currency,” he added.
In his remarks, National Security Adviser Nuhu Ribadu called for stronger enforcement against offenders and tougher regulatory measures to curb Naira abuse.
“Law enforcement must act more decisively. Bringing offenders to justice, no matter how difficult, is essential,” Ribadu stated.
He further stressed that impunity was a major issue, adding, “People don’t see bad behavior as wrong until they are held accountable.”
It is worth recalling that in April last year, social media personality Idris Okuneye, popularly known as Bobrisky, was sentenced to six months in prison for Naira abuse.
