Naira Abuse: CBN set to take action as commoditisation of local currency occurs in Lagos, Abuja, others

• The CBN governor has called for immediate action to curb the growing trend of illicit banknote transactions
• This is as recent shopping operations in some business districts have turned up disturbing instances of Naira commoditisation and misuse
• Cardoso warned that this conduct not only distorts the value of the Naira but also undermines public confidence in the banking industry

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The growing tendency of illegal banknote transactions has raised concerns, and the Central Bank of Nigeria (CBN) has called for swift action to stop the practice.

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