Cardoso and Ribadu Call for Stronger Enforcement to Protect Nigeria’s Currency and National Identity
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and Nigeria’s National Security Adviser, Nuhu Ribadu, have issued a stern warning to Nigerians against the abuse and commoditization of the Naira. The duo made the call during a security workshop organized by the CBN in Abuja on Thursday, which brought together security and law enforcement agencies to address the growing issue.
Cardoso revealed that recent investigations in major commercial hubs, including Abuja, Asaba, Awka, Benin, Ilorin, Kano, and Ibadan, uncovered alarming instances of Naira commoditization. He highlighted that individuals and businesses are illegally charging premiums of 20 to 40 percent on banknotes, a practice that undermines the value of the currency and disrespects Nigeria’s national identity.
“A recent exercise revealed that banknotes amounting to N2.3 million were acquired for a total payment of N3.2 million, including premiums,” Cardoso disclosed. “This blatant disregard for our legal tender not only weakens the Naira but also erodes respect for our national identity. If we disrespect our currency this way and expect a strong Naira, we are deceiving ourselves.”
The CBN Governor called for stricter measures to curb these practices, urging law enforcement agencies to identify and prosecute those involved in illicit currency dealings. “By sending a strong message that these actions will not be tolerated, we can foster a sense of responsibility and respect towards our currency,” he emphasized.
Echoing Cardoso’s concerns, National Security Adviser Nuhu Ribadu stressed the need for stronger action against offenders. He called for stricter regulatory measures and emphasized the importance of holding individuals accountable for their actions.
“From time to time, when law enforcement acts, I think they should do more. Bringing people to justice, no matter how bitter, is necessary,” Ribadu stated. “Impunity is the mother of all the problems we have. Nobody is punished for bad behavior, and they don’t even see it as a bad thing until they are held accountable.”
The warning comes in the wake of high-profile cases of Naira abuse, including the six-month imprisonment of cross-dresser Idris Okuneye, popularly known as Bobrisky, in April 2023. The case highlighted the legal consequences of currency abuse and served as a reminder of the need for stricter enforcement.
As Nigeria grapples with economic challenges, the call to protect the Naira from abuse and commoditization has taken on renewed urgency. Cardoso and Ribadu’s joint appeal underscores the importance of safeguarding the currency as a symbol of national pride and economic stability. With law enforcement agencies stepping up efforts, the hope is that Nigerians will develop a deeper respect for the Naira and its role in the nation’s identity.
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