CBN Sends Warning to Those Spraying, Hawking Naira, Advocates Clean Naira Note
- The Central Bank of Nigeria has reaffirmed its commitment to ensuring access to clean Naira notes, emphasising their importance as a symbol of national unity
- During the CBN Fair, Mrs. Hakama Sidi Ali highlighted the CBN's efforts in promoting financial inclusion and implementing policies to strengthen the financial system
- Malik Adebola Ololade, CBN Branch Controller, stressed the fair’s role in enhancing public awareness of the Bank’s policies, fostering financial literacy
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The Central Bank of Nigeria (CBN) has reaffirmed its pledge to guarantee that Nigerians have access to clean Naira notes.
Source: Getty Images
According to the nation's apex bank, Nigerians should appreciate and maintain the cleanliness of the Naira because it is a vital symbol of national unity.
This was stated by Mrs. Hakama Sidi Ali, the Acting Director of the Corporate Communications Department at the Central Bank of Nigeria, during her remarks at the CBN Fair on Thursday, August 14, 2025, in Abeokuta, the capital of Ogun State.
She mentioned that the nation’s currency is an important national symbol which must be handled with the utmost care by Nigerians, emphasising that 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.
She clarified that the theme of the CBN Fair, "Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth, and Accelerated Economic Development," was specifically selected to address the importance of value addition and the connections that drive SMEs and other economic activities to achieve the much-needed price stability.
The fair is intended to serve as a forum for engaging with the public and important stakeholders regarding the Central Bank of Nigeria's policies for the country's sustainable economic development and growth, Mrs. Sidi Ali continued.
She emphasised that the CBN's management, led by Olayemi Cardoso, is dedicated to promoting financial inclusion and productivity, in addition to fulfilling its primary responsibility of maintaining monetary and price stability.
She mentioned that actions taken by the Cardoso-led management have recently led to a sharp rise in foreign investment inflows, positive trade balances, and a significant increase in the financial inclusion rate.
“Over the past twenty-two months, the Bank has, among others, rolled out the following functional policies to strengthen the financial system: exchange rate unification to minimize arbitrage opportunities and reduce volatility in the foreign exchange market; cleared over $7 billion of verified FX forwards backlog; launched the Nigeria Foreign Exchange (FX) Code; bank recapitalization to strengthen the resilience and global competitiveness of the banking sector; launched the non-resident BVN to connect Nigerians abroad with those at home; and launched the Unified Complaints Tracking System (UCTS), among other policies,” she stated.
Mrs. Sidi Ali argued that the main goal of the fair is to educate the public on how the Bank's innovations and policies can improve their lives and livelihoods and help the Nigerian economy grow and develop. She also encouraged attendees to take advantage of the benefits of financial inclusion and other payment methods covered at the event.
In his welcome remark, Malik Adebola Ololade, CBN Branch Controller of the Abeokuta Branch, stated that the CBN Fair is one of the Bank's major public education campaigns to raise public awareness of the Bank's policies, programs, and actions.
Source: UGC
He went on to say that it also provides a forum for enhancing financial literacy, encouraging openness, and bolstering confidence between the Bank and Nigerians.
“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 actively participate in the discussions.
“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 programs cannot be overemphasized. The CBN remains committed to ensuring a sound financial system and an inclusive economy where every Nigerian can thrive,” he stated.
CBN to boost financial inclusion with eNaira
Legit.ng reported that the Central Bank of Nigeria (CBN) is reaffirming its commitment to fostering confidence and increasing access to digital financial services in the nation by striving to revive the eNaira project.
Launched in October 2021 as part of Nigeria's efforts to promote financial inclusion, the Central Bank Digital Currency (CBDC), or eNaira, has yet to gain much traction.
Reiterating its commitment to revitalising the payment system, The Nation reported that the apex bank attributed the low acceptance and usage to a lack of knowledge about its functions.
Source: Legit.ng
