The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has strongly condemned the practice of spraying, hawking, and mutilating the Naira, calling such acts a direct disrespect to Nigeria’s critical symbol of sovereignty.
Cardoso, represented by the Acting Director of the CBN’s Corporate Communications Department, Mrs. Hakama Sidi Ali, issued this warning at the CBN Fair held in Kaduna on Thursday.
The fair, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth, and Accelerated Economic Development,” served as a significant platform for raising public awareness on the CBN’s policies and their positive impact on the nation’s economy.
“Respect and keep the Naira clean. Do not spray, hawk, mutilate, or counterfeit it. The Naira remains our critical national symbol,” Cardoso stated, urging Nigerians to only trust information disseminated through verified channels of the Central Bank.
Cardoso further emphasized that the fair’s objective was to sensitize the public on the role of digital and alternative payment systems in promoting financial inclusion, boosting Small and Medium Enterprises (SMEs), and stabilizing the economy. The event also highlighted the progress made in financial systems, with participants learning about developments in the Nigerian payments system, microfinance activities, currency management, and financial consumer protection.
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The Governor also shared recent successes, including the unification of exchange rates to curb arbitrage, clearance of over $7 billion in verified foreign exchange backlog, and the ongoing bank recapitalisation initiative aimed at strengthening Nigeria’s banking sector. Additionally, he mentioned the launch of the Non-Resident Bank Verification Number (BVN) scheme, designed to integrate Nigerians in the diaspora with local banking services.
In a bid to further enhance consumer confidence, Cardoso revealed the introduction of the Unified Complaints Tracking System (UCTS) and the *959# USSD code for verifying licensed financial institutions, ensuring greater transparency within the financial system.
Mr. Ahmad Dalhatu, the Kaduna Branch Controller of the CBN, reiterated the importance of the fair as a flagship public enlightenment program that fosters transparency, engagement, and trust between the bank and the Nigerian public.
The fair not only provided a forum for direct engagement between the CBN and the public but also opened avenues for Nigerians to offer feedback, ask questions, and gain a deeper understanding of the CBN’s policies and services.
As the Central Bank continues its efforts to foster financial inclusion and economic growth, the message was clear: Nigerians must respect the Naira, which remains a cornerstone of the nation’s identity and economic stability.
