The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the National Security Adviser (NSA), Nuhu Ribadu, have issued a strong warning against the abuse and illegal trading of the Naira.

Speaking at a CBN security workshop in Abuja, where top security and law enforcement agencies gathered, both officials emphasized the urgent need to curb the commoditization of Nigeria’s currency.

Disturbing Findings on Naira Abuse

Cardoso revealed that a mystery shopping exercise in major commercial hubs—including Abuja, Lagos, Asaba, Awka, Benin, Ilorin, Kano, and Ibadan—exposed alarming cases of illegal trading of banknotes at exorbitant rates.

NAIJABLOGDAILY.COM

“A critical concern is the premium charged on banknotes, ranging from 20% to 40% per transaction. A recent case saw banknotes worth N2.3 million being acquired with a total payment of N3.2 million, including illegal premiums,” Cardoso disclosed.

He warned that such acts weaken the value of the Naira and erode national pride, calling for stricter enforcement and legal action against offenders.

Security Agencies to Take Stronger Action

NSA Nuhu Ribadu echoed the concerns, stressing that law enforcement agencies must do more to hold culprits accountable.

“The problem is impunity—people don’t see currency abuse as a crime because there are no consequences. That must change. Law enforcement needs to act and ensure offenders face justice,” Ribadu stated.

He also called for stricter regulatory measures to protect the integrity of the Naira.

Previous Crackdowns on Naira Abuse

HEED: Follow us on Instagram or any other social media platform and get the most reliable news directly in your favourite app!

This renewed warning comes months after Idris Okuneye (Bobrisky) was sentenced to six months in prison for Naira abuse in April 2024.

With authorities now vowing tougher measures, Nigerians engaging in illegal currency dealings, spraying of Naira at events, or selling new banknotes could face harsh penalties in the coming months.

For more updates on Nigeria’s economy, security, and financial policies, stay tuned to Naija Blog Daily.

NaijaBlogDaily# is visible on all social media platforms and we bring you the latest Nigerian news on politics and economy, entertainment and celebrity updates including sports across Nigeria and beyond…

Keep visiting and following up with us on any social media platform you are using to keep you updated 💯
Remember (information brings knowledge and power).
STAY TUNED!!!