Cbn Vows To Tackle Buying, Selling Of Naira Notes

Governor of the CentralBank of Nigeria CBN, Dr. Olayemi Cardoso, has vowed to tackle commoditisation buying and selling of Naira notes, which has become widespread in the country.

CBN Governor, Mr. Olayemi Cardoso made this vow in a keynote address at the inaugural Stakeholders Conference of the Committee of Heads of Banks Operations CHBO in Lagos, with the theme Commoditization of Naira: The Way Forward.

Represented by the Senior Special Adviser to the CBN Governor, Fatai Kareem, Cardoso stated that commoditization of the Naira poses a significant threat not only to the banking sector but also to the daily lives of Nigerians who rely on the currency for transactions.

He described Naira commoditization as a process by which the national currency is being treated as a tradable asset with its intrinsic national value being subjected to the principles of capitalism rather than being seen as a means of exchange for economic and items of value.

According to him, 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.