CBN Vows to Tackle Buying, Selling of Naira Notes

Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has vowed to tackle the commoditisation ( buying and selling) of Naira notes, which has become widespread in the country.
CBN Governor, Mr. Olayemi Cardoso made this vow in a keynote address at the inaugural Stakeholders’ Conference of the Committee of Heads of Banks Operations (CHBO) in Lagos, with the theme “Commoditization of Naira: The Way Forward.”
Represented by the Senior Special Adviser to the CBN Governor, Fatai Kareem, Cardoso stated that commoditization of the Naira poses a significant threat not only to the banking sector but also to the daily lives of Nigerians who rely on the currency for transactions.
He described Naira commoditization as a process by which the national currency is being treated as a tradable asset with its intrinsic national value being subjected to the principles of capitalism rather than being seen as a means of exchange for economic and items of value.
According to him, “The Naira is not merely a currency; it embodies our national identity. Its stability is vital for economic growth and development.” Recent trends, however, have seen the Naira treated as a commodity rather than fulfilling its primary function as a medium of exchange.
He said the apex bank’s strategies to tackle the commoditization of the Naira are: enhancing public engagement awareness on the responsible use of the Naira; strengthening cash management system to ensure fair distribution across the country; collaborating with law enforcement agencies to enforce existing regulations and bring perpetrators to book; promoting digital payment channels to reduce the use of cash transactions and the need to escalate digital errors to the banks and the CBN.