CBN promises to stop buying and selling of Naira notes

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has promised to stop the buying and selling of Naira notes, which is now common in Nigeria.  

He said this during a meeting in Lagos called the Stakeholders’ Conference. The theme of the meeting was "Commoditization of Naira: The Way Forward." Commoditization means treating the Naira like a product to buy and sell instead of using it as money for transactions.  

The Governor, represented by his adviser, Fatai Kareem, said this is a big problem for banks and for Nigerians who need the Naira for daily transactions. He explained that the Naira is not just money, but also an important symbol of Nigeria. Its value and stability are very important for the economy.  

He said the Central Bank will take these steps to solve the problem:  

1. Teach people how to use the Naira properly.  
2. Make sure cash is shared fairly across the country.  
3. Work with the police to punish people breaking the law.  
4. Promote digital payments to reduce the use of cash.  
5. Fix digital payment issues quickly with the help of banks and the CBN.  

The Chairman of the Committee of Bank Operations, Abraham Aziegbe, said the buying and selling of the Naira started because of a lack of cash in the country. He said Nigerians have faced many problems over the last two years because of cash shortages. Some people even had to pay extra money to get cash. This has made people worry about banks hoarding money.