August 15, (THEWILL) — The Central Bank of Nigeria (CBN) has reaffirmed its commitment to ensuring the availability of clean, naira-denominated currency to Nigerians.
The Acting Director of the Corporate Communications Department at the apex bank, Mrs Hakama Sidi Ali, who made this statement in her remarks at the CBN Fair held in Abeokuta, the Ogun State capital, also urged Nigerians to view the naira as a critical symbol of national unity and keep it clean.
She noted that the nation’s currency is an important national symbol, which must be handled with utmost care by Nigerians, insisting the CBN would not allow anyone to spray, hawk, mutilate or counterfeit the naira.
“The CBN will continue to ensure the availability of clean currency. We, however, urge you to see the naira as our critical symbol of national identity. Respect and keep it clean. Do not spray, hawk, mutilate or counterfeit the naira”, she stressed.
Speaking on the theme “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”, Mrs Sidi Ali explained that the CBN Fair was carefully chosen to address the imperative of value addition and the links that catalyse SMEs and other economic activities to attain the much-needed price stability.
She added that the Fair is designed as a platform to interact with members of the public and critical stakeholders on the policies of the Central Bank of Nigeria for sustainable economic growth and development of Nigeria.
While assuring that the management of CBN, under the leadership of Olayemi Cardoso, is committed to stimulating productivity and financial inclusiveness as well as delivering on its core mandate of monetary and price stability, Mrs Sidi Ali said steps taken by the Cardoso-led management have resulted in a significant increase of inflow in foreign investments, positive trade balances and quantum leap in financial inclusion rate in recent times.
“Over the past 22 months, the bank has, among others, rolled out the following functional policies to strengthen the financial system: Exchange rate unification to minimise arbitrage opportunities and reduce volatility in the foreign exchange market and cleared over $7 billion of verified backlog of FX forwards; launch of Nigeria Foreign Exchange (FX) Code; Bank Recapitalisation to strengthen the resilience and global competitiveness of the banking sector; launched the non-resident BVN to connect Nigerians abroad with home, launched the Unified Complaints Tracking System (UCTS), among other policies”, she stated.
Mrs Sidi Ali further highlighted that the core objective of Fair is to sensitise members of the public on how the bank’s policies and innovations can enhance their lives and livelihood and contribute to the growth and development of the Nigerian economy, however, urged participants to avail themselves with the niceties of financial inclusion and alternative payment channels discussed at the event.
In his welcome address, CBN Branch Controller, Abeokuta Branch, Malik Adebola Ololade, said the CBN Fair is one of the bank’s major public enlightenment initiatives aimed at sensitising members of the public on the bank’s policies, programmes, and interventions. He added that it also serves as a platform to deepen financial literacy, promote transparency, and strengthen trust between the bank and the Nigerian people.
According to him, “Over the years, the Fair has evolved into a veritable channel for fostering two-way communication between the Central Bank and the grassroots. It enables us not only to explain our policies but also to listen to your concerns, feedback, and expectations. This year’s event continues that tradition, and I encourage everyone here to participate in the discussions actively.
“As we navigate the evolving economic landscape – both globally and locally -the need for increased public awareness of monetary policy, financial inclusion, consumer protection, digital payments, and intervention programmes cannot be overemphasised. The CBN remains committed to ensuring a sound financial system and an inclusive economy where every Nigerian can thrive.”
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