CBN Governor Dr. Olayemi Cardoso has pledged to combat the commoditization of the Naira, emphasizing its vital role in Nigeria’s economy. Speaking at the CHBO Stakeholders’ Conference, he outlined strategies including public awareness, improved cash distribution, digital payment promotion, and enforcement against illicit practices to restore the Naira's stability and value.
The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has pledged decisive action against the buying and selling of Naira notes, a troubling trend undermining the national currency's value. Speaking at the inaugural Stakeholders’ Conference of the Committee of Heads of Banks Operations (CHBO) in Lagos, Cardoso, represented by his Senior Special Adviser, Fatai Kareem, emphasized the importance of restoring the Naira’s role as a medium of exchange rather than a tradable commodity.
Cardoso criticized the commoditization of the Naira, describing it as a threat to Nigeria’s financial stability and economic growth. He stressed that the Naira symbolizes national identity and its misuse negatively impacts both the banking industry and daily transactions for ordinary Nigerians. Recent cash shortages and hoarding practices have exacerbated this issue, with some citizens forced to pay premiums to access cash.
To address this, the CBN outlined strategies including public awareness campaigns on the proper use of the Naira, improving the cash management system for equitable distribution, collaborating with law enforcement to enforce regulations, and promoting digital payment channels to reduce reliance on cash.
CHBO Chairman Abraham Aziegbe linked the Naira's commoditization to cash scarcity, which he said has caused significant hardship for Nigerians over the last two years. The CBN’s initiatives aim to curb these practices, ensuring the Naira retains its primary function and supporting economic stability nationwide.
