Governor of the Central Bank of Nigeria, CBN, Olayemi
Cardoso, and Nigeria’s National Security Adviser, Nuhu Ribadu, have warned
Nigerians against the abuse of the Naira and its commoditization.
The apex bank boss and Ribadu made this known at the bank’s
security workshop held in Abuja on Thursday, where security and law enforcement
agencies gathered to address the issue.
In his remarks, Cardoso disclosed that recent mystery
shopping exercises conducted in major commercial hubs, including Abuja, Asaba,
Awka, Benin, Ilorin, Kano, and Ibadan, uncovered disturbing instances of Naira
commoditization and abuse.
“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.
Recall that in April last year, Idris Okuneye, a
cross-dresser popularly known as Bobrisky, was sentenced to six months
imprisonment over naira abuse.
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