Crackdown Looms! Cardoso, Ribadu Demand Tougher Penalties For Naira Mutilation

Their warning came during a security workshop held in Abuja on Thursday, where key security and law enforcement agencies convened to tackle the issue.

Cardoso revealed that recent undercover investigations in major commercial cities, including Abuja, Asaba, Awka, Benin, Ilorin, Kano, and Ibadan, exposed alarming cases of Naira abuse and illicit trade.

He stated, **“One of the major concerns from these findings is the illegal practice of charging a premium on banknotes, ranging between 20% and 40% per transaction.

“A recent exercise further exposed the severity of the situation, where Naira notes worth N2.3 million were purchased at a total cost of N3.2 million, including the imposed premiums.

“This blatant disregard for our national currency not only weakens the Naira’s value but also undermines our national identity. If we continue to treat our currency with such disrespect while expecting a strong Naira, we are only deceiving ourselves.”**

The CBN Governor called for stringent measures to curb these illegal activities, emphasizing that law enforcement agencies must actively identify and prosecute offenders.

“By taking a firm stand and making it clear that these actions will not be tolerated, we can instill a culture of responsibility and respect for our currency,” he added.

On his part, National Security Adviser Ribadu stressed the urgency of stronger law enforcement action against those who deface and abuse the Naira.

He further advocated for stricter regulatory frameworks to penalize violators, stating, **“Law enforcement agencies must do more. Bringing offenders to justice—no matter how uncomfortable—is necessary.

“Impunity fuels all the challenges we face. When people are not held accountable for bad behavior, they don’t even recognize it as wrong. Until we enforce consequences, this issue will persist.”**