Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), and Nuhu Ribadu, the national security adviser, have cautioned Nigerians against the commoditization and misuse of the Naira.
At the financial institution’s security workshop, which took place in Abuja on Thursday and brought together law enforcement and security agencies to discuss the matter, Ribadu and the head of the apex bank made this clear.
During his speech, Cardoso said that recent mystery shopping operations in important business centres, like as Abuja, Asaba, Awka, Benin, Ilorin, Kano, and Ibadan, had shown alarming cases of Naira misuse and commoditisation.
“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 said.
The governor of the CBN emphasised the importance of law enforcement in identifying and punishing those involved in illegal currency transactions and advocated for stringent measures to discourage such activities.
“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 added.
Mallam Nuhu Ribadu, the National Security Adviser, emphasised the necessity of law enforcement organisations taking more aggressive measures against criminals.
He further called for stricter regulatory measures against abusers of Nigeria’s local currency.
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“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.
Recall that in April last year, Idris Okuneye, a cross-dresser popularly known as Bobrisky, was sentenced to six months imprisonment over naira abuse.
