The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reiterated the Bank’s stance against the abuse of the naira, warning Nigerians to desist from spraying, hawking, mutilating, or counterfeiting the national currency.
Cardoso issued the warning on Thursday at the CBN Fair in Kaduna, where he was represented by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali.
“Respect and keep the naira clean. It is our critical national symbol,” Cardoso said. “Do not spray, hawk, mutilate, or counterfeit the naira.”
Held under the theme “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” the event was designed to educate the public on key CBN policies and promote a deeper understanding of how these policies impact everyday Nigerians.
Cardoso emphasized the importance of relying only on official information from the CBN and urged the public to embrace the Bank’s reforms aimed at strengthening the financial system, especially for small and medium-sized enterprises (SMEs).
Key CBN Reforms and Initiatives Highlighted
The CBN Governor highlighted several reforms currently underway, which are geared toward building a $1 trillion Nigerian economy:
- Unification of exchange rates to curb arbitrage and reduce FX market volatility
- Clearing of over $7 billion in verified FX forwards to restore investor confidence
- Recapitalisation of banks to enhance sector resilience and global competitiveness
- Non-Resident BVN initiative to connect Nigerians in the diaspora to domestic banking
- Launch of Nigeria Payments System Vision 2028 to drive digital transformation
- Rollout of Unified Complaints Tracking System and USSD code *(959#) for real-time consumer grievance redressal and verification of licensed financial institutions
Cardoso stated that these measures have already begun yielding positive outcomes, including:
- Increased foreign investment inflows
- Improved trade balances
- Tangible progress in financial inclusion across the country
“The CBN is focused on building a robust, inclusive, and secure financial system. These reforms are central to achieving that,” he said.
Also speaking at the event, the Kaduna Branch Controller of the CBN, Ahmad Dalhatu, described the fair as one of the Bank’s most important public enlightenment platforms.
“The fair helps deepen financial literacy, promote policy transparency, and build public trust,” he noted.
“It gives us an opportunity to not only explain our policies but also listen to the concerns and feedback of the public.”
Dalhatu encouraged attendees to participate actively, stressing that broad public awareness of monetary policy, digital banking, and consumer protection is vital for building a stable and inclusive economy.
