The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the National Security Adviser (NSA), Nuhu Ribadu, have issued a strong warning against the abuse and illegal trade of the Naira.
They made their stance clear during a security workshop held in Abuja on Thursday, where top security and law enforcement officials gathered to discuss the growing problem.
Cardoso revealed that investigations carried out in key commercial cities like Abuja, Asaba, Awka, Benin, Ilorin, Kano, and Ibadan exposed alarming cases of Naira abuse and its illegal sale.
“A critical concern that arises from these transactions is an illegal act and a premium charged on banknotes ranging from 20 percent to 40 percent per transaction,” the CBN Governor stated.
“The gravity of this situation is further exposed by a recent exercise where banknotes amounting to N2.3 million were acquired with a total payment, including premiums, of N3.2 million.
“The blatant disregard for our nation’s legal tender not only weakens the value of the Naira but also erodes respect for our national identity. If we disrespect it this way and expect a strong Naira, we are deceiving ourselves,” he said.
The CBN Governor called for strict measures to deter these practices, emphasising the role of law enforcement agencies in identifying and prosecuting individuals engaged in illicit currency dealings.
“By sending a strong message to the public that these actions will not be tolerated, we can foster a sense of responsibility and respect towards our currency,” he added.
On his part, the National Security Adviser, Mallam Nuhu Ribadu, stressed the need for law enforcement agencies to take stronger action against offenders.
He further called for stricter regulatory measures against abusers of Nigeria’s local currency.
“From time to time, when law enforcement acts, I think they should do more. Bringing people to justice, no matter how bitter, is necessary.
“Impunity is the mother of all the problems we have. Nobody is punished for bad behaviour, and they don’t even see it as a bad thing until they are held accountable,” Ribadu stated.
