The Central Bank of Nigeria (CBN) has intensified its campaign against the abuse of the naira, warning Nigerians to desist from spraying, mutilating, counterfeiting and hawking the national currency.
The apex bank gave the warning in Kaduna during its Special Day at the Kaduna International Trade Fair, where it also highlighted key milestones recorded under its ongoing reform programme.
Mrs Sidi Ali Hakama, Deputy Director, Corporate Communications and Investor Relations, said respect for the naira was both a legal and civic responsibility, describing the currency as a symbol of national pride.
Represented by Abbas Ibrahim Ahmed, Deputy Director at the CBN Headquarters, Abuja, she said the bank would continue to enforce measures aimed at protecting the integrity of the currency while ensuring the steady circulation of clean and fit notes.
“The naira is a crucial symbol of our national identity. Nigerians must respect it and avoid practices such as spraying, mutilation, counterfeiting and hawking,” she said.
Hakama noted that the bank’s reform drive, under the leadership of Governor Olayemi Cardoso, was already yielding results in stabilizing the economy and restoring investor confidence.
According to her, major policy steps taken by the CBN include the unification of the foreign exchange rates, ongoing bank recapitalization to support the target of building a $1 trillion economy by 2030, the introduction of the Non-Resident Bank Verification Number (BVN) to integrate Nigerians in the diaspora, and the B-Match foreign exchange trading platform.
She also listed the Nigerian Payments System Vision 2028, the 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits, and regulatory guidelines for stablecoins and virtual assets as part of broader efforts to strengthen liquidity management and deepen financial innovation.
The CBN said the reforms had enhanced transparency, improved monetary policy transmission and reinforced macroeconomic stability, particularly following the discontinuation of deficit monetisation.
Hakama added that Nigeria has emerged as one of Africa’s leading digital payments markets, with major fintech applications recording between 10 and 50 million downloads and over 12 million contactless cards currently in circulation.
She said the bank’s 2026 priorities include strengthening the banking system, ensuring durable price stability, modernising payment infrastructure, expanding financial inclusion and promoting responsible fintech innovation.
The trade fair was organised by the Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA).
In his remarks, KADCCIMA President, Mr Faruk Suleiman, commended the CBN’s reform efforts, noting that the business community was already witnessing improved stability.
(Daily Trust)
