The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has pledged to address the widespread buying and selling of Naira notes in the country. He made this statement during the inaugural Stakeholders’ Conference of the Committee of Heads of Banks Operations (CHBO) in Lagos, themed “Commoditization of Naira: The Way Forward.” Dr. Cardoso, represented by his Senior Special Adviser, Fatai Kareem, described this issue as a significant threat to Nigeria’s financial system and daily transactions.
Dr. Cardoso emphasized that the Naira is not just a currency but a symbol of national identity, stressing the importance of preserving its primary role as a medium of exchange. He stated that treating the Naira as a tradable commodity undermines its value and stability, which are crucial for economic growth and development.
To combat this issue, the CBN outlined several measures. These include raising public awareness about the responsible use of the Naira, strengthening cash management to ensure fair distribution across the country and collaborating with law enforcement to penalize those involved in illegal trading of the currency. Additionally, the CBN aims to promote digital payment channels to reduce dependence on cash transactions.
The Chairman of CHBO, Abraham Aziegbe, linked the commoditization of the Naira to past cash shortages, which forced citizens to pay premiums for transactions. He expressed concerns about cash hoarding practices among banks, which have exacerbated these challenges.
The CBN reaffirmed its commitment to ensuring that the Naira remains a stable and reliable medium of exchange, prioritizing the financial stability and economic well-being of all Nigerians.