Central Bank of Nigeria (CBN) governor, Olayemi Cardoso, has issued a strong warning to Nigerians against the abuse of Naira.

Cardoso said: “Recent mystery shopping exercises conducted in major commercial hubs, including Abuja, Asaba, Awka, Benin, Ilorin, Kano, and Ibadan, uncovered disturbing instances of Naira commoditization and abuse.”

“A critical concern that arises from these transactions is an illegal act and a premium charged on banknotes ranging from 20 percent to 40 percent per transaction.”

“The gravity of this situation is further exposed by a recent exercise where banknotes amounting to N2.3 million were acquired with a total payment, including premiums, of N3.2 million.”

“The blatant disregard for our nation’s legal tender not only weakens the value of the Naira but also erodes respect for our national identity. If we disrespect it this way and expect a strong Naira, we are deceiving ourselves.”

“I am calling for strict measures to deter these practices, the role of law enforcement agencies in identifying and prosecuting individuals engaged in illicit currency dealings is important.”

“By sending a strong message to the public that these actions will not be tolerated, we can foster a sense of responsibility and respect towards our currency.”

Cardoso gave the warning at the bank’s security workshop held in Abuja on Thursday, March 13th, 2025