The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the National Security Adviser (NSA), Nuhu Ribadu, have issued a stern warning to Nigerians against the abuse and illegal trading of the Naira.
Speaking at a security workshop in Abuja on Thursday, which brought together law enforcement agencies, Cardoso revealed that recent investigations uncovered widespread cases of Naira abuse across major commercial cities, including Abuja, Asaba, Awka, Benin, Ilorin, Kano, and Ibadan.
“Our findings indicate that a premium of 20 to 40 percent is being charged on banknotes during illegal transactions,” Cardoso stated. “In a recent case, N2.3 million in banknotes was acquired for a total payment of N3.2 million, including these unlawful premiums.”
He condemned the commoditization of the Naira, warning that such practices weaken the currency’s value and undermine national identity. “If we continue to disrespect our currency, expecting a strong Naira is nothing but self-deception,” he added.
Cardoso urged law enforcement agencies to take decisive action against individuals involved in illicit currency dealings. “By enforcing strict penalties, we can instill a greater sense of responsibility and respect for our national currency,” he said.
Echoing his concerns, NSA Ribadu emphasized the need for more stringent regulatory measures and stronger enforcement actions.
“Law enforcement must do more. Bringing offenders to justice, no matter how painful, is necessary,” Ribadu stated. “Impunity fuels the problems we face. When wrongdoers go unpunished, they fail to see their actions as crimes until they are held accountable.”
The crackdown on Naira abuse has intensified in recent months. Last year, controversial cross-dresser Idris Okuneye, popularly known as Bobrisky, was sentenced to six months in prison for mutilating and abusing the currency.
Authorities reaffirmed their commitment to upholding the integrity of the Naira and warned that more violators would face legal consequences.
