The Central Bank of Nigeria (CBN) has urged citizens to handle the naira with care, emphasizing its importance as a national symbol. This appeal was made during a fair in Awka, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.” The event comes ahead of the yuletide season, a time when the misuse of naira notes often occurs through spraying, mutilation, and other forms of improper handling.
Acting Director of the Corporate Communications Department, Mrs. Hakama Sidi Ali, reiterated the need for responsible handling of the currency. She advised relying on verified official channels for information and encouraged the public to maintain the integrity of the naira. Ali also warned against actions such as spraying, hawking, mutilating, or counterfeiting the naira, stressing its significance as a national symbol.
The CBN has undertaken various reforms aimed at reducing inflation and stabilizing the naira against the dollar. These reforms include the unification of the exchange rate, bank recapitalization, and the introduction of the non-resident Bank Verification Number (BVN) to connect Nigerians abroad with domestic banking services. Other measures include the implementation of a 75% Cash Reserve Ratio (CRR) on non-Treasury Single Account (TSA) public sector deposits to improve liquidity management and mitigate potential inflationary pressures.
The CBN fair in Awka aimed to sensitize the public to the bank’s policies and ongoing initiatives. The event featured lectures on available payment channels and guidance on resolving issues with deposit banks. Attendees included heads of commercial banks, microfinance banks, students, corps members, and representatives of security organizations.
The fair provided a platform for feedback and helped the CBN to inform the public about its various initiatives. By promoting responsible handling of the naira and showcasing its reforms, the CBN seeks to maintain the currency’s integrity and contribute to Nigeria’s economic development. As the country moves forward, the CBN’s efforts to stabilize the naira and promote financial inclusion are expected to play a crucial role in shaping its economic future.