The governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has promised that it will rightfully address the commoditization of Naira notes, which has become a growing canker in the country.

Cardoso made this vow in a keynote address at the inaugural Stakeholders’ Conference of the Committee of Heads of Banks Operations (CHBO) in Lagos, with the theme “Commoditization of Naira: The Way Forward.”

According to Cardoso, the commoditization of the Nigerian note poses a great threat not only to the banking sector but also to the daily lives of Nigerians who rely on the currency for transactions.

He stated: “The Naira is not merely a currency; it embodies our national identity. Its stability is vital for economic growth and development.

"Recent trends, however, have seen the Naira treated as a commodity rather than fulfilling its primary function as a medium of exchange.

“The commoditization of the Naira, our national legal tender, has become a critical challenge for Nigeria’s financial ecosystem.

"It is a problem that not only affects the operations of the banking industry but also the lives of every Nigerian that relies on the currency for his day to day transactions.”

Cardoso added that the apex bank’s strategies to tackle the commoditization of the Naira are: enhancing public engagement awareness on the responsible use of the Naira; strengthening cash management system to ensure fair distribution across the country; collaborating with law enforcement agencies to enforce existing regulations and bring perpetrators to book; promoting digital payment channels to reduce the use of cash transactions and the need to escalate digital errors to the banks and the CBN.