The Central Bank of Nigeria (CBN) has intensified its campaign against the misuse of the naira, urging Nigerians to refrain from actions such as spraying, mutilation, counterfeiting, and hawking the country's official currency.
This warning was delivered in Kaduna at the CBN's Special Day during the Kaduna International Trade Fair, where the central bank also showcased significant milestones achieved as part of its ongoing reform initiatives.
Mrs. Sidi Ali Hakama, Deputy Director of Corporate Communications and Investor Relations, emphasized that respecting the naira is both a legal obligation and a civic duty, branding the currency a symbol of national pride.
Hakama, represented by Abbas Ibrahim Ahmed, Deputy Director at the CBN Headquarters in Abuja, stated that the bank is committed to enforcing strategies to safeguard the currency's integrity while ensuring a consistent circulation of clean and usable notes.
"The naira serves as an essential representation of our national identity. It is imperative for Nigerians to honor it and refrain from actions including spraying and mutilation, as well as counterfeiting and hawking," she remarked.
She highlighted that under the leadership of Governor Olayemi Cardoso, the CBN's reform strategy is already producing positive outcomes in stabilizing the economy and fostering investor trust.
Notable policy measures initiated by the CBN encompass the unification of foreign exchange rates, the ongoing recapitalization of banks aimed at achieving a $1 trillion economy by 2030, the rollout of the Non-Resident Bank Verification Number (BVN) for Nigerians living abroad, and the introduction of the B-Match foreign exchange trading platform.
Furthermore, Hakama indicated the launch of the Nigerian Payments System Vision 2028, implementation of a 75 percent Cash Reserve Ratio on non-Treasury Single Account public sector deposits, and new regulatory guidelines for stablecoins and virtual assets as initiatives aimed at enhancing liquidity management and encouraging financial innovation.
The bank noted that these reforms have been instrumental in promoting transparency, facilitating effective monetary policy transmission, and bolstering macroeconomic stability, especially following the cessation of deficit monetization.
Hakama also mentioned that Nigeria has positioned itself as one of Africa’s foremost digital payments markets, with numerous fintech applications amassing between 10 and 50 million downloads, along with over 12 million contactless cards currently in circulation.
Looking ahead, she outlined the CBN's priorities for 2026, which include fortifying the banking sector, achieving sustained price stability, modernizing payment infrastructure, enhancing financial inclusion, and championing responsible fintech innovation.
The trade fair was organized by the Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA).
During the event, KADCCIMA President Mr. Faruk Suleiman praised the CBN's reform initiatives, stating that the business community is beginning to experience the benefits of enhanced stability.
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