The Central Bank of Nigeria, CBN, has called for caution in handling naira notes, describing the currency as an essential national symbol.
The apex bank made this appeal on Thursday in Awka during a fair organised under the theme, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.”
The warning comes ahead of the yuletide season, a period typically marked by numerous social events that often lead to the misuse of naira notes through spraying, mutilation, and other improper handling.
Acting Director of the Corporate Communications Department, Central Bank of Nigeria, Mrs Hakama Sidi Ali, who spoke at the fair, reiterated the need for responsible handling of the currency.
She said: “We strongly advise you to depend solely on information disseminated through the verified official channels of the Central Bank of Nigeria. I also encourage you to uphold and maintain the integrity of the Naira.
“Refrain from spraying, hawking, mutilating, or counterfeiting the Naira. It is our essential national symbol.”
The acting director, represented by Uche Tobias Nnamdi, an official of the bank, also outlined some of the reforms undertaken by the CBN, which he said have contributed to reducing inflation and stabilising the naira against the dollar.
He said: “Over the past two years, the governor has led significant reforms to establish a robust foundation for Nigeria’s advancement into its next phase of economic development, fostering inclusive growth and employment opportunities to reduce poverty.
“Some of these reforms encompass the unification of the exchange rate, bank recapitalisation, the introduction of the non-resident BVN to connect Nigerians abroad with domestic banking services, the BMatch System for foreign exchange trading, the unveiling of the Nigeria Payments System Vision 2028, PSV 2028.
“There is also the implementation of a 75 per cent Cash Reserve Ratio (CRR) on non-Treasury Single Account (TSA) public sector deposits to improve liquidity management and mitigate potential inflationary pressures, among other measures.”
In a welcome address, the Branch Controller of the CBN in Awka, Mr Akobundu Onwuchekwa, represented by Dr Onyemakonor Ogbe, Head of the Banking Services Office, said the CBN fair would help sensitise the public to the bank’s policies and ongoing initiatives.
He said: “This occasion is very timely and presents a veritable opportunity for feedback and also greatly assists the Central Bank of Nigeria to sensitise the public on various initiatives of the bank.”
The fair featured lectures from bank officials on available payment channels and guidance on resolving issues with deposit banks. It was attended by heads of commercial banks, MFBs, students, corps members, representatives of security organisations, and other members of the public.
