The governor of the Central Bank of the Central Bank of Nigeria, Cardoso Olayemi, has presented plan to address the ongoing commoditization of the Nigerian currency with the aim of restoring its standing as a legitimate national currency.

This was made known during the first-ever Stakeholders Conference, with the topic "Commoditization of Naira: The Way Forward," which was held over the weekend in Lagos by the Committee of Heads of Banks Operations (CHBO).

According to Cardoso, the naira's commoditization is a serious danger to Nigerians' everyday life, as they depend on the currency for transactions, as well as the banking industry.

He stated that naira commoditization as the process by which the naira is no longer viewed as a medium of exchange for goods and services of economic worth but rather as a tradeable asset whose inherent national value is subject to the laws of capitalism.

He asserts that the Naira represents our sense of national identity and is more than just a piece of money.

Cardoso said: “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.”

The governor concluded that the CBN is dedicated to collaborating closely with all parties involved in the banking system as a regulator of the financial system and the integrity of the national currency.