CBN Vows To Tackle Buying, Selling Of Naira Notes - Business

CBN Vows To Tackle Buying, Selling Of Naira Notes - Business - Nairaland

Nairaland Forum › Nairaland General › Business › CBN Vows To Tackle Buying, Selling Of Naira Notes (8746 Views)

CBN Vows To Tackle Buying, Selling Of Naira Notes by Bobloco(op): 5:55am On Jan 22, 2025

Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has vowed to tackle the commoditisation ( buying and selling) of Naira notes, which has become widespread in the country.

CBN Governor, Mr. Olayemi 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.”

Represented by the Senior Special Adviser to the CBN Governor, Fatai Kareem, Cardoso stated that 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 tradable 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.

“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.”

He said 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.

Chairman of the Executive Committee of CHBO, Abraham Aziegbe attributed the commoditization of the Naira to severe scarcity which led to its monetisation.

He noted that over the past two years, Nigerians have faced significant challenges due to cash shortages, leading to instances where citizens pay premiums for everyday transactions. This situation raises concerns about cash availability and potential hoarding practices among banks.

https://www.vanguardngr.com/2025/01/cbn-vows-to-tackle-buying-selling-of-naira-notes/

2 Likes

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by JASONjnr(m): 6:04am On Jan 22, 2025

But they can't stop it as far as crypto is concerned.....

3 Likes

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by Tinubuagbado: 6:10am On Jan 22, 2025

This Yoruba man should stop the long grammar and go to work.

That's the first thing he was supposed to stop when he was appointed.

Naira for Naira is the worst scam within the Nigerian banking sector. All of them are involved....

35 Likes 5 Shares

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by SalamRushdie: 6:51am On Jan 22, 2025

He has started another thing that will make matters worse , the CBN caused it in the first place when they made the naira unnecessarily scarce under Emeifele..

16 Likes 2 Shares

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by Seequadry(m): 7:22am On Jan 22, 2025

Ìwo yi là arọ́ waǹ.

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by merits(m): 7:23am On Jan 22, 2025

Bobloco:
LoneSoldier ☠️ coward.
https://www.vanguardngr.com/2025/01/cbn-vows-to-tackle-buying-selling-of-naira-notes/

They should please sell LoneSoldier ☠️ join naira.

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by Nazgul: 7:23am On Jan 22, 2025*

They should start by gradually placing a ban POS. Cos as long as they continue to exist freely, Naira buying cannot be totally eradicated.

Back then if you want money just go to the nearest ATM point in your vicinity and withdraw. If it's your bank you wouldn't be charged a dime. Today most banks ATMs are for beautification. You'd hardly find cash there.

Some people might argue that commercial banks don't penetrate deep into rural communities thus making it difficult for people in those communities to access cash. This is where microfinance banks come in. We had one like that in my village before first bank came. And microfinance ATMs don't rip people off like POS, they don't engage in naira buying cos their customers are mainly village traders who go there to deposit their proceedings for the day especially on market days. In most cases, the microfinance bank staffs would go directly to the market to meet with traders and collect their cash. So they had a sustained daily inflow of cash.

Let's go back to the traditional ways of going to the nearest ATM for our money. If not we might soon be paying 1k to withdraw 5k from POS vendors.

40 Likes 4 Shares

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by Treasure17(m): 7:23am On Jan 22, 2025

Dey play.

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by nolzautoz(m): 7:24am On Jan 22, 2025

POS operators in the mud

I just read this:

https://www.nairaland.com/8321074/pos-agents-selling-cash-threat

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by INTEGRITYA1(m): 7:24am On Jan 22, 2025

Okay

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by oluseyiforjesus(m): 7:26am On Jan 22, 2025

Bring naira to #250/$

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by Clobisman(m): 7:26am On Jan 22, 2025

Bobloco:
https://www.vanguardngr.com/2025/01/cbn-vows-to-tackle-buying-selling-of-naira-notes/

But they themselves legalized it with the advent of POS. They made sure money isn't in ATM's but the POS where we need to buy the naira. I don't understand what else he wants to do.

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Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by Nobody: 7:27am On Jan 22, 2025

I vow, we vow, we will ban. Where CNG conversion again? 200# per whatever?

3 Likes

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by FunnyDude(m): 7:28am On Jan 22, 2025

Lol

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by Pluto33: 7:29am On Jan 22, 2025

Bobloco:
https://www.vanguardngr.com/2025/01/cbn-vows-to-tackle-buying-selling-of-naira-notes/

The notorious vower...keep vowing undecided

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by Nonybb: 7:29am On Jan 22, 2025*

Look at their grammar "commoditization". Bunch of hypocritical idi@ts. Why hasn't Tinubu arrested that Daura animal called Buhari for printing trillions of naira that was shared among his Fulani brothers thus the current naira crashing. Under Buhari, Nigeria became a brothel fvcked by everybody and yet the government of the day shielded all the secrecy of the damnable, evil and vile Predecessor

5 Likes

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by Chenzy(m): 7:29am On Jan 22, 2025

I hope they have really look into it very well in other not to affect the living of the citizens,God will help us

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by princeade86(m): 7:29am On Jan 22, 2025

What you've been tackling since

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by SporaD8: 7:29am On Jan 22, 2025*

Like in Government, Nigeria currently operate a special brand of economy that don't agree with known theories and formulas.
Our economists need to start thinking outside the box.
All these band aids instead of deep surgeries won't get us anywhere.

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by Chukwuisgreat(m): 7:30am On Jan 22, 2025

Good riddance, please don't vow. Take action now.

What tools will CBN use to find out if naira is being bought and sold. If I go to a bank and withdraw ₦2million cash all in ₦500 mint, was the money sold to me?

An example of more reasons to spend mint.

https://youtube.com/shorts/oZMr7tpX6qI?si=JN-gfvistD8HfGDk

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by Uranos: 7:31am On Jan 22, 2025

Mumu people. Bank workers are the main culprits. They are the major sellers of naira currency to POS operators. You need to witness one aunty wey dey come my area give this woman huge some money every evening when she close from her her baking job.

5 Likes

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by AfahaAbia(m): 7:31am On Jan 22, 2025

Then they should stop POS business. If not CBN is just wasting their time

8 Likes

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by Ojuntana: 7:32am On Jan 22, 2025

You're still vowing

Which country has POS dispensing cash like ATMs

POS means point of sale o

In Nigeria, it has turned to cash dispenser and a bank has even built its customer Base on it while other banks have weakened their ATM reach for it

I guess CBN was unaware when POS numbers was booming

Now they are vowing after waking up from the bicycle

3 Likes

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by Gpower077(m): 7:33am On Jan 22, 2025

Too much talk without actions

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by olafunny(m): 7:34am On Jan 22, 2025

So I can just enter any bank and take it for free.

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by DrDoc: 7:34am On Jan 22, 2025

Ban POS and restore banking services. What we are going through is hellish

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by Ojuntana: 7:35am On Jan 22, 2025

AfahaAbia:
Then they should stop POS business. If not CBN is just wasting their time

But how will they

What about the humongous number of those employed?

I can boldly say POS is the highest employer of labour in Nigeria today.... more than okada

So how do you plan to mitigate the job loss that cuts across all levels of education all over the country even in the remotest villages

3 Likes

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by straighttalk(m): 7:36am On Jan 22, 2025

Lip service

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by TooMuchStuff: 7:37am On Jan 22, 2025

lmpossible... This is Mission Impossible sir

Awon Agba Ballers won't just sit down and watch CBN spoil their business.

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by DrAda(f): 7:37am On Jan 22, 2025

Creamypie:
I vow, we vow, we will ban. Where CNG conversion again? 200# per whatever?

It's the use of future tenses all the time that worries me

2 Likes

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by fineboynl(m): 7:38am On Jan 22, 2025*

There is little to be done concerning it.

First Nigeria is due for 20k bill.

It's worthless carry 1k notes around which cannot buy anything now. Making it even more expensive to buy the currency.

We should accept the fact that inflation is already upon us. Because Spending billions printing valueless notes is wrong and can also cause inflation the more.

Just 1 dollar bill is bigger than our highest denomination that alone is not acceptable.

When obj took over after ibb and abacha destroyed the currency with massive inflation. There was a proposition to correct the error as fast and possible.

It was recommended by soludo that we Redenominate the currency by removing 2 zero. But the north bark and kick against it stating that the illiterate in the north will not understand it. There was no other option than to introduce the higher denomination to correct the issue. Each was introduced each year from N100, N200, N500 and N1000.

Minimum wage was increased and we all accept the inflation and live with it before things start to fall in place accordingly.

Economy started growing year after year. Before APC came and destroyed all the gains of yesteryear.

When new currency are printed. Banks buy from CBN and bank sell to supply chain, supply chain sell to club and party.

If the club and party are paying and bearing the cost of printing the new note so be it and while the older and bad notes are talking away from the system. As for pos selling 20k for 8h. They also buy the notes. They Transport and paying rent space. We all know the inflation in the country also impacts everything. I was at the market yesterday. A cup of ogbono is 4k. I was told rubber (Custard container) is 75k. Something that was less than 100 naira a cup during Jonathan.

6 Likes

Re: CBN Vows To Tackle Buying, Selling Of Naira Notes by epainos: 7:39am On Jan 22, 2025

Everyone, except those in the business of POS might likely give a nod to using POS only for retail transactions and not for naira buying and selling. Bankers are the evil doers in this issue, and this should have been addressed a long time ago. I just hope that this issue will be corrected. No nation can grow with this kind of extortion.

2 Likes

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