Fake Naira Notes: CBN Urges Nigerians to Protect Currency's Value, Avoid Abuse
- The CBN urged the public to preserve the naira's value and avoid currency abuse, such as spraying, hawking, mutilating, or counterfeiting.
- At the CBN Fair, officials emphasiseA the importance of alternative payment channels for financial inclusion, growth, and economic development
- The fair also provided insights into securing the naira against counterfeiting, with the CBN reinforcing the strength of the currency’s security features
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The public has been asked by the Central Bank of Nigeria (CBN) to preserve the value of the naira.
Source: UGC
The acting director of the CBN's Corporate Communications Division, Hakama Sidi-Ali, addressed Lagos residents on Tuesday as part of the organisation's drive for financial inclusion and currency education.
The focus of the CBN Fair, a sensitisation exercise, was "Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth, and Accelerated Economic Development."
The Cable reported that Sidi-Ali, who spoke at the conference, stated that the fair's goal was to allow the bank and stakeholders to directly interact on policies that promote sustainable growth.
According to her, the CBN, led by Olayemi Cardoso, is still dedicated to boosting financial inclusion, enhancing productivity, and maintaining price and monetary stability.
“Our core objective is to sensitize members of the public on how the bank’s policies and innovations can enhance their lives and livelihoods,” Sidi-Ali said.
“We also urge you to preserve the dignity of our currency by avoiding abuse. Do not spray, hawk, mutilate, or counterfeit the naira. Respect and keep it clean.”
Participants in an interactive session led by Paul Onuoha of the CBN's Currency Operations Department learned how to spot counterfeit notes and identify the naira's security features.
“The naira is one of the strongest currencies in the world when it comes to security features,” he said.
The fair was more than just a display of projects, according to Sunday Daibo, CBN branch controller in Lagos, who called it "a celebration of our collective commitment to economic stability, financial inclusion, and national development."
Source: Getty Images
He pointed out that alternative payment methods had emerged as essential instruments for bringing marginalised groups into contact with the official financial system and that technology was redefining financial services.
“Let this fair be a launchpad for initiatives that will carry the benefits of alternative payment channels to every corner of our nation,” Daibo said.
The CBN's Other Financial Institutions (OFI) Supervision Department, led by Ayodeji Ojo, described how the unit safeguards savings, encourages credit availability, reduces financial exclusion, and bolsters public confidence in licensed institutions.
“What we are saying is that our banks are now stronger,” he said.
How to spot fake N1,000 notes
Legit.ng reported that residents and businessmen in Ilorin, Kwara state, have been urged by the National Orientation Agency (NOA) to exercise caution as counterfeit N1,000 notes proliferate the market.
The counterfeit notes, which closely resemble both the original and updated N1,000 notes, have prompted several dealers to relate their experiences.
Point of Sale (POS) operators and unwary merchants are being targeted by criminal syndicates during peak market hours, according to NOA's state director, Abdulganiyu Olurotimi Dare.
Source: Legit.ng
