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, held ahead of the yuletide season—a period when misuse of naira notes often occurs through spraying, mutilation, and other improper handling—sought to reinforce responsible currency practices.
Acting Director of the Corporate Communications Department, Mrs. Hakama Sidi Ali, reiterated the need for responsible handling of the currency. She advised the public to rely on verified official channels for information and to maintain the integrity of the naira. Ali warned against actions such as spraying, hawking, mutilating, or counterfeiting the naira, stressing its significance as a national symbol.
The CBN has undertaken several reforms aimed at reducing inflation and stabilizing the naira against the dollar. These 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. Additional measures involve implementing 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 fair in Awka aimed to sensitize the public to the bank’s policies and ongoing initiatives. It 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 event provided a platform for feedback and helped the CBN 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.
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