By Deborah Nnamdi
The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has vowed to combat the commoditization (buying and selling) of Naira notes, which has become widespread in the country.
In his keynote address at the inaugural Stakeholders’ Conference of the Committee of Heads of Banks Operations (CHBO) in Lagos, Cardoso, represented by Fatai Kareem, Senior Special Adviser to the Governor, stressed that commoditising the Naira undermines its role as a national currency and disrupts daily transactions.
He said, “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.
Cardoso explained that the Naira’s stability is vital for economic development and should not be treated as a tradable asset.
He outlined the CBN’s strategy to address the issue, including public awareness campaigns on responsible Naira use, enhancing cash management systems, collaborating with law enforcement to enforce regulations, and promoting digital payments to reduce cash reliance.
Abraham Aziegbe, CHBO Chairman, attributed the commoditization to ongoing cash shortages, which have led to citizens paying premiums for everyday transactions, highlighting concerns about cash availability and potential hoarding by banks.
