The Central Bank of Nigeria (CBN) and Office of the National Security Adviser (ONSA) are to collaborate in the fight to curtail the commoditisation of the Naira.
The commitment was made by the agencies at the CBN’s security workshop held in Abuja on Thursday, in collaboration with the Office of the NSA.
The seminar had in attendance, key funding and private stakeholders, including law enforcement and financial institutions to address the issue of Naira commoditisation and explore strategies for safe and efficient movement of cash in the country.
Stakeholders decried that the development has seen POS operators and merchants sell the Naira for as high as 20 per cent to people seeking cash.
CBN Governor, Olayemi Cardoso also said recent experiences have brought to the light, pressing challenges that require immediate attention and closer collaboration.
He noted that addressing the widespread issue of Naira commoditisation and abuse requires immediate attention from both regulatory bodies and law enforcement agencies. “Recent mystery shopping exercises conducted in major commercial hubs, such as Abuja, Asaba, Oka, Benin, Ilorin, Kano, and Ibadan, have revealed a disturbing trend of illicit transactions involving banknotes, which demands urgent intervention.
“A critical concern that arises from these transactions is an illegal act and a premium charged on banknotes ranging from 20% to 40% per transaction. The gravity of this situation is further highlighted by a recent exercise where banknotes, amounting to N2.3 million, were acquired with a total payment including premiums of N3.2 million.
“The abuse of the Naira is further exemplified by the numerous instances circulating on social media showcasing the disrespectful treatment of our currency. These appalling acts range from manhandling to spraying Naira notes in celebrating events, marching, and even tossing them at footballs. Currency is a reflection of our national pride.
“When you treat it like that, and you expect others to respect you, it won’t come. Such blatant disregard for a nation’s legal tender not only undermines the value of the Naira, but also perpetuates a culture of disrespect towards a symbol of our country’s identity,” Cardoso stated.
National Security Adviser, Mallam Nuhu Ribadu noted that everything revolves around money and if it is not controlled, there is bound to be trouble.
“You will not appreciate the impact and the magnitude of the damage that will be done. Cash shortages disrupt economic activities, limit access to essential services, and erode public confidence in our financial system. Therefore, finding sustainable solutions is not only an economic priority, but a national security priority,” he stated.
Ribadu called on stakeholders to commit to actionable arrangements that will enable the country to build a financial ecosystem that is secure, resilient, and inclusive, “one where cash movement is safe.”
