The Central Bank of Nigeria (CBN) and the Office of the National Security Adviser (ONSA) have joined forces to address the increasing commoditisation and abuse of the Naira. Their collaboration, announced at a stakeholder seminar in Abuja, aims to ensure the safe and efficient movement of cash in Nigeria’s economy while tackling illegal Naira trading by Point of Sale (PoS) operators and merchants.
The seminar brought together financial institutions, law enforcement agencies, and private sector stakeholders to discuss strategies for mitigating the illicit sale and misuse of Nigeria’s currency. One of the key concerns raised was the growing trend of PoS operators and merchants selling cash at high premiums, sometimes charging between 20% and 40% per transaction.
The Naira as a National Symbol
Speaking at the event, CBN Governor Dr. Olayemi Cardoso emphasized that the increasing commoditisation of the Naira poses a significant threat to Nigeria’s financial stability and national identity. He revealed that investigations in major commercial hubs such as Abuja, Asaba, Benin, Kano, and Ibadan uncovered widespread illicit cash transactions.
“A recent exercise showed that banknotes amounting to N2.3 million were acquired with a total payment of N3.2 million, including premiums,” Cardoso noted. “This situation is unacceptable and requires urgent intervention from both regulators and law enforcement.”
Beyond the illegal sale of Naira, Cardoso also condemned the disrespectful treatment of the currency, which has been widely circulated on social media. Instances of spraying, stepping on, and tossing Naira notes at public events have contributed to the erosion of respect for the national currency. “The Naira is a reflection of our national pride,” he stated. “If we continue to treat it with disregard, we cannot expect others to respect us.”
Naira Abuse as a National Security Concern
National Security Adviser Malam Nuhu Ribadu underscored the economic and security implications of Naira abuse. He warned that failing to regulate cash flow could have damaging consequences for the economy. “Everything is about money,” Ribadu said. “If you don’t regulate it, if you don’t control it, you are in trouble.”
He further noted that cash shortages, often exacerbated by illegal trading, disrupt economic activities, limit access to essential services, and undermine public confidence in the financial system. “Finding sustainable solutions is not just an economic priority but a national security priority,” he stated.
Building a Secure Financial System
As part of their collaborative efforts, CBN and ONSA are urging stakeholders to adopt concrete measures to safeguard Nigeria’s financial ecosystem. Their goal is to create a system where cash movement is secure, transactions are transparent, and the Naira retains its value and dignity.
With this partnership, authorities are reinforcing their commitment to restoring order in Nigeria’s financial landscape and ensuring that the Naira remains a symbol of economic stability and national pride.
