JUST IN: Central Bank Sends Strong Warning Against Naira Abuse
The Central Bank of Nigeria (CBN) has issued a strong warning against the mutilation and abuse of the Naira, urging Nigerians to respect the national currency and desist from practices such as spraying, counterfeiting, defacing, and hawking banknotes.
The call was made on Thursday during the CBN Special Day at the 47th Kaduna International Trade Fair, where Mrs Sidi Hakama, Deputy Director of Corporate Communications and Investor Relations, reaffirmed the bank’s commitment to ensuring a steady supply of clean currency notes in appropriate denominations.
She was represented at the event by Abbas Ahmed, a Deputy Director at the CBN Headquarters, Abuja.
Hakama said, “The Naira is a crucial symbol of our national identity. Please respect it keep it clean. Do not spray, counterfeit, mutilate, or hawk the Naira.”
She assured the stakeholders of the apex bank’s dedication to maintaining economic stability and strengthening structural reforms.
The event, organised by the Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA), was themed ‘From Reforms to Results: Economic Transformation through Sustained Local Content Development’.
The theme, Hakama said, aligned with the CBN’s domestic reform agenda focused on sustainable growth, financial inclusion, and resilience against external shocks.
According to her, under the leadership of CBN Governor, Mr Olayemi Cardoso, the bank had introduced wide-ranging reforms aimed at repositioning Nigeria’s economy.
She said, “These include the unification of the foreign exchange rate, ongoing bank recapitalisation to support the vision of a $1 trillion economy by 2030.
“There was also the introduction of the Non Resident Bank Verification Number (BVN) to connect Nigerians in the diaspora, and the B Match system for foreign exchange trading.”
Other key initiatives highlighted included the Nigerian Payments System Vision 2028, a 75 per cent Cash Reserve Ratio on non Treasury Single Account public-sector deposits to enhance liquidity management, and regulatory clarity in emerging areas such as stablecoins and virtual assets.
According to the CBN, these reforms have improved transparency, strengthened monetary policy transmission, and reinforced macroeconomic stability, particularly following the discontinuation of deficit monetisation.
Hakama disclosed that Nigeria now ranks among Africa’s most advanced digital payments markets, with leading fintech applications recording between 10 and 50 million downloads and more than 12 million contactless cards currently in circulation.
