The Central Bank of Nigeria (CBN) has raised an alarm over the growing trend of illicit transactions involving banknotes, urging immediate intervention to curb the practice.
CBN Governor, Olayemi Cardoso, made this known at the Bank’s Security Workshop held in Abuja on Thursday, where security and law enforcement agencies gathered to address the issue.
Cardoso disclosed that recent mystery shopping exercises conducted in major commercial hubs, including Abuja, Asaba, Awka, Benin, Ilorin, Kano, and Ibadan, uncovered disturbing instances of Naira commoditisation and abuse.
Cardoso warned that this practice not only distorts the value of the Naira but also undermines public confidence in the financial system. He noted that the abuse of the Naira is frequently displayed on social media, where individuals are seen mishandling, spraying, and even stepping on banknotes at social events.
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Also, he called for strict measures to deter these practices, emphasising the role of law enforcement agencies in identifying and prosecuting individuals engaged in illicit currency dealings.
Beyond these cash-related concerns, Cardoso outlined broader security challenges affecting the CBN’s operations, including: limited availability of armed security personnel, especially in high-risk areas; delays in obtaining necessary security clearances for operations such as currency evacuations; interference in routine approvals, affecting operational efficiency; uncoordinated handling of cash-in-transit services, leading to unwarranted arrests and detentions and the need for stronger collaboration to combat illicit currency trading activities.
