The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso and Nigeria’s National Security Adviser, Nuhu Ribadu, have warned Nigerians against mutilating the Naira.
Cardoso and Ribadu issued the warning at the bank’s Security workshop held in Abuja recently, where security and Law enforcement agencies gathered to discuss the issue .
In his speech, Cardoso revealed that the 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.
He said: “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 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 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.
In his words: “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”.
Contributing, the National Security Adviser, Ribadu emphasised 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 .
As he put it: “From time to time ,when law enforcement acts I think they should do more.Bringing people to justice, no matter accountable”.
