CBN Declares Naira as One of the Strongest Currencies in the World, Gives Reasons
- The CBN has asked Nigerians to respect the naira as it is one of the most secure currencies globally
- The apex bank also said the naira notes have advanced anti-counterfeiting features and asked Nigerians to preserve the currency
- Naira in the foreign exchange markets have been stable in recent weeks against the United States dollar
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The Central Bank of Nigeria (CBN) has described the naira as one of the most secure currencies in the world.
Speaking at the bank’s flagship sensitisation event, the CBN Fair, in Lagos, Paul Onuoha of the Currency Operations Department called on Nigerians to handle the naira notes with integrity.
Source: Getty Images
The event brought together entrepreneurs, financial institutions, fintech operators, consumer protection agencies, market leaders, students, and youth groups.
Why is naira one of strongest currencies?
Onuoha said the naira’s advanced security features make it highly resilient to counterfeiting.
He demonstrated how to detect fake notes and identify embedded security elements.
Onuoha said:
“The naira is one of the strongest currencies in the world when it comes to security features."
The two-day fair, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth, and Accelerated Economic Development”, brought together entrepreneurs, fintech firms, banks, market leaders, students and youth groups.
CBN wants Nigerians to respect naira
Speaking further, Hakama Sidi-Ali, acting Director of Corporate Communications, urged the public to avoid currency abuse, including spraying, mutilating, hawking or counterfeiting notes.
She added that under Governor Olayemi Cardoso, the CBN remains focused on productivity, financial access and price stability.
Her words:
“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.”
Source: Getty Images
CBN promotes naira
CBN Lagos Branch Controller Sunday Daibo said the event was a platform to expand the reach of alternative payment channels nationwide, the Cable reports.
Other speakers discussed open banking, payment innovations and the naira’s role in attracting investment.
Sunday Daibo, branch controller of the CBN in Lagos, said the fair was more than an exhibition of initiatives, describing it as “a celebration of our collective commitment to economic stability, financial inclusion, and national development”.
He noted that technology was redefining financial services and that alternative payment channels had become vital tools for connecting underserved populations to the formal financial system.
Daibo said.
“Let this fair be a launchpad for initiatives that will carry the benefits of alternative payment channels to every corner of our nation."
CBN announces 306% rise in cost of printing, distributing
Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) said it spent N315.18 billion on currency issues costs in 2024
The amount spent is a 306% increase compared to N77.67bn recorded in 2023.
In the financial statement, the CBN also revealed that as at the end of 2024, banknotes and coins in circulation stood at N5.44 trillion, an increase from N3.65 trillion in 2023.
Proofreading by Kola Muhammed, copy editor at Legit.ng.
Source: Legit.ng
