The Central Bank of Nigeria (CBN), has once again cautioned Nigerians against the abuse and mishandling of the naira, urging the public to treat the national currency with dignity. The warning was reiterated during the CBN Fair held in Awka, where officials of the apex bank engaged stakeholders on the institution’s policies and ongoing reforms.
Acting Director of the Corporate Communications Department, Mrs. Hakama Sidi Ali, speaking through her representative, Uche Tobias Nnamdi, emphasized the need for responsible handling of the naira and reliance on accurate information disseminated through the bank’s verified communication channels.
“Refrain from spraying, hawking, mutilating, or counterfeiting the Naira. It is our essential national symbol.”
CBN Highlights Reforms Targeted at Economic Stability
Mrs. Sidi Ali’s representative also outlined several reforms implemented by the apex bank, noting that these measures have contributed to moderating inflation and stabilising the naira against major foreign currencies, particularly the US dollar.
“Over the past two years, the governor has led significant reforms to establish a robust foundation for Nigeria’s advancement into its next phase of economic development, fostering inclusive growth and employment opportunities to reduce poverty,” he said.
He highlighted key reforms such as:
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Unification of the exchange rate to enhance transparency and improve foreign exchange flows.
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Bank recapitalisation to strengthen the resilience and stability of financial institutions.
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Introduction of the Non-Resident BVN, linking Nigerians in the diaspora to local banking services.
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Launch of the BMatch System to improve efficiency in foreign exchange trading.
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Unveiling of the Nigeria Payments System Vision 2028 (PSV 2028), which provides a roadmap for innovation and security in the payment ecosystem.
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Implementation of a 75% Cash Reserve Ratio (CRR) on non-TSA public sector deposits to enhance liquidity management and curb inflationary pressures.
“These measures are part of broader efforts to strengthen macroeconomic stability and position the country for sustained growth,” he added.
CBN Fair Aimed at Deepening Public Engagement
Earlier in his welcome address, the Branch Controller of the CBN in Awka, Mr. Akobundu Onwuchekwa—represented by Dr. Onyemakonor Ogbe, Head of the Banking Services Office—stated that the fair serves as an important platform for public sensitization and feedback.
“This occasion is very timely and presents a veritable opportunity for feedback and also greatly assists the Central Bank of Nigeria to sensitise the public on various initiatives of the bank,” he said.
Focus on Payments, Consumer Protection, and Banking Issues
The fair featured a series of lectures delivered by bank officials on the various payment channels available to consumers, including electronic platforms and mobile banking options. Participants were also educated on how to resolve complaints lodged with deposit banks, and how to escalate unresolved issues through the CBN’s consumer protection framework.
The event drew a wide audience, including executives of commercial banks, microfinance bank operators, students, corps members, security agencies, and members of the general public.
A Call for Collective Responsibility
The CBN reiterated that maintaining the integrity of the naira is a shared national duty. It urged Nigerians to refrain from practices that damage or deface currency notes—such as spraying money at celebrations—while encouraging the use of safer, lawful alternatives.
With ongoing reforms and heightened public engagement, the apex bank expressed optimism that Nigerians will better understand and support its efforts to stabilise the economy, strengthen the naira, and promote financial stability.