The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has pledged to tackle the growing trend of Naira commoditization, describing it as a threat to Nigeria’s financial stability and economy. Speaking at the inaugural Stakeholders’ Conference of the Committee of Heads of Banks Operations (CHBO) in Lagos, Cardoso stressed that the Naira’s role as a medium of exchange must be preserved.
Represented by his Senior Special Adviser, Fatai Kareem, Cardoso highlighted that treating the Naira as a tradable asset undermines its intrinsic value and disrupts the lives of ordinary Nigerians. He announced plans to enhance public awareness, strengthen cash distribution systems, collaborate with law enforcement to punish offenders, and expand digital payment systems to reduce reliance on cash.
The Chairman of CHBO, Abraham Aziegbe, linked the commoditization issue to past cash shortages, which saw Nigerians paying premiums for cash transactions. He expressed concern over possible hoarding practices among banks, which have worsened cash scarcity and public frustration.
The CBN reaffirmed its commitment to addressing these challenges and restoring confidence in Nigeria’s financial ecosystem. Through robust policy implementation and collaboration with stakeholders, the apex bank aims to ensure the equitable use of the Naira while promoting a sustainable cashless economy.
