CBN Gov Cardoso And NSA Ribadu Issue Warning Over Naira Abuse

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 regarding the abuse and commoditization of the Naira. 

During a security workshop in Abuja, they highlighted the alarming instances of Naira commoditization and abuse uncovered in major commercial hubs like Abuja, Asaba, Awka, Benin, Ilorin, Kano, and Ibadan.

Cardoso emphasized that illegal transactions involving banknotes, with premiums ranging from 20% to 40%, are weakening the value of the Naira and eroding respect for Nigeria's national identity. 

Ribadu called for stricter regulatory measures and stronger actions from law enforcement agencies to hold offenders accountable