CBN Governor And NSA Warn Nigerians Of More Consequences Over Naira Abuse

CBN Governor And NSA Warn Nigerians Of More Consequences Over Naira Abuse

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and National Security Adviser (NSA), Nuhu Ribadu, have issued a stern warning to Nigerians against the abuse and commoditization of the Naira. Speaking at a security workshop held in Abuja, they emphasized the gravity of the issue and its potential to destabilize the country’s economy and national identity………READ MORE

Cardoso revealed that recent mystery shopping exercises conducted in major commercial hubs, including Abuja, Asaba, Awka, and Kano, uncovered disturbing cases of Naira abuse. Some individuals were found to be charging premiums of 20% to 40% on banknotes in illegal transactions. For example, in one such transaction, N2.3 million in banknotes was acquired for N3.2 million, including the premium.

Cardoso stressed that such practices weaken the value of the Naira and erode respect for Nigeria’s legal tender. He called for strict law enforcement measures to deter these illegal activities and protect the country’s currency.

NSA Ribadu echoed Cardoso’s concerns, urging law enforcement to take stronger action against offenders. He highlighted the need to hold perpetrators accountable, stating, “Impunity is the mother of all the problems we have,” and called for more effective punishment for those abusing the currency.

This warning comes after high-profile cases like that of Bobrisky, who was sentenced to six months in prison for similar offenses. Both Cardoso and Ribadu stressed that ensuring the Naira’s value requires collective national responsibility and accountability.