Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has unveiled a comprehensive strategy to tackle on-going commoditisation of the naira, with the objective of reinstating its status as a credible national legal tender.
This announcement was made during the inaugural Stakeholders Conference hosted by the Committee of heads of Banks Operations (CHBO) in Lagos at the weekend, themed ‘Commoditization of Naira: The Way Forward’.
Cardoso articulated that the commoditization of the naira poses a significant threat not only to the banking sector but also to the daily lives of Nigerians who rely on the currency for transactions.
He described naira commoditization as a process by which the national currency is being treated as a tradeable asset with its intrinsic national value being subjected to the principles of capitalism rather than being seen as a means of exchange for economic and items of value.
According to him, 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.
