The Nigerian central bank has raised alarms over the growing practice in which illegal currency dealers charge a premium on local currency banknotes. According to Olayemi Cardoso, the governor of the Central Bank of Nigeria, the premium charged by these dealers ranges between 20% and 40%.

Speaking at a security workshop organized by the central bank, Cardoso said this practice, along with the “spraying” of naira banknotes, distorts the local currency’s value and threatens financial stability.

“When we talk about credibility and trust, we don’t build it this way. The blatant disregard for our nation’s legal tender not only weakens the value of the naira but also erodes respect for our national identity. If we disrespect it this way and expect a strong naira, we are deceiving ourselves,” the CBN governor said.

To reverse this trend, Cardoso urged law enforcement agencies to intensify efforts aimed at identifying and prosecuting individuals caught disrespecting the local currency. According to a local report, Cardoso’s remarks followed the uncovering of an illicit transaction in which just over $2,000 was paid in naira banknotes worth an equivalent of $1,483.

Meanwhile, Nigerian National Security Adviser Nuhu Ribadu echoed Cardoso’s comments and revealed that most of the banknotes used for this “illicit practice” were being transported via commercial planes, private jets, and boats. He called for enhanced collaboration among various agencies.

The remarks by Cardoso and Ribadu come just a few months after the CBN announced it would start penalizing financial institutions caught illegally disbursing funds to currency hawkers. The initial fine for errant financial institutions was set at an equivalent of $97,040, with penalties increasing for repeat offenders.

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