CBN warns against Naira abuse, reaffirms reforms for stronger economy – Reports

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Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has cautioned Nigerians to stop abusing the naira, stressing that spraying, hawking, mutilating, and counterfeiting of the national currency remain strictly prohibited.

Cardoso, represented by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, gave the warning on Thursday at the CBN Fair held in Kaduna.

He explained that the fair was created as a platform to engage the public on policies designed to promote sustainable economic growth and development.

Themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” the event focused on enhancing Nigeria’s payment systems to support SMEs and ensure price stability.

“I urge everyone here to rely only on information disseminated through verifiable official channels of the Central Bank of Nigeria,” Cardoso said. “I also encourage you to respect and keep the naira clean. Do not spray, hawk, mutilate or counterfeit the naira. It is our critical national symbol.”

He added that the main goal of the engagement was to educate Nigerians on how CBN’s policies directly affect their livelihoods and contribute to national progress.

Highlighting ongoing initiatives, Cardoso mentioned the unification of exchange rates to curb arbitrage, the clearance of over $7 billion in verified FX forwards to rebuild confidence, and ongoing bank recapitalisation to strengthen the sector in pursuit of a $1 trillion economy.

He also pointed to new reforms such as the Non-Resident BVN linking Nigerians abroad to local banking, the Nigeria Payments System Vision 2028 for digital transformation and financial inclusion, and the introduction of the Unified Complaints Tracking System with the USSD code *959# to improve transparency and consumer protection.

According to him, these policies are already delivering results, including stronger foreign investment inflows, improved trade balances, and a rise in financial inclusion.

Earlier, CBN’s Kaduna Branch Controller, Ahmad Dalhatu, reiterated that the fair remains one of the Bank’s core enlightenment programmes.

“It serves as a platform to deepen financial literacy, promote transparency, and strengthen trust between the Bank and the Nigerian people,” Dalhatu said.

“The fair enables us not only to explain our policies but also to listen to the public’s concerns and feedback.”

He encouraged participants to actively engage in discussions, stressing that widespread awareness of monetary policy, consumer protection, and digital payments is vital to building a sound financial system and inclusive economy.

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