Lagos, Nigeria — The Central Bank of Nigeria (CBN) Governor, Dr. Olayemi Cardoso, has committed to addressing the widespread buying and selling of Naira notes, a practice he describes as a significant threat to Nigeria’s financial ecosystem.
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*, expressed deep concern over the trend. He highlighted that commoditizing the Naira undermines its primary role as a medium of exchange and jeopardizes the lives of Nigerians who depend on it for daily transactions.
Cardoso described Naira commoditization as the treatment of the national currency as a tradable asset, subject to market principles, rather than as a tool for facilitating economic exchange. He emphasized, “The Naira is not just a currency; it symbolizes our national identity. Its stability is essential for economic growth and development.”
The Governor outlined the apex bank’s strategies to curb this trend, which include:
– Raising public awareness on the responsible use of the Naira.
– Strengthening cash management systems to ensure fair distribution nationwide.
– Collaborating with law enforcement agencies to enforce regulations and prosecute offenders.
– Promoting digital payment systems to reduce dependence on cash transactions and addressing digital payment issues promptly through banks and the CBN.
Chairman of the Executive Committee of CHBO, Abraham Aziegbe, attributed the commoditization of the Naira to severe cash shortages over the past two years. He noted that this scarcity has forced Nigerians to pay premiums for everyday transactions, raising concerns about cash availability and possible hoarding by financial institutions.
By [Your Name] | January 2, 2025
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