CBN Warns Nigerians Against Naira Mutilation as Valentine’s Day Approaches
- The CBN warned Nigerians to stop spraying, mutilating, counterfeiting and hawking the naira
- The bank outlined ongoing reforms, including FX market unification and bank recapitalisation
- The CBN said Nigeria ranks among Africa’s most advanced digital payments markets
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
A few hours to the 2026 commemoration of Valentine's Day, the Central Bank of Nigeria (CBN) has urged Nigerians to desist from mutilating and abusing the naira, warning against practices such as spraying, defacing, counterfeiting and hawking banknotes.
While the CBN did not exactly discourage Valentine’s Day celebration or showing love with cash, the apex bank cautioned against abusing the Naira regardless of the occasion.
Source: UGC
The caution was delivered at the CBN Special Day during the 47th Kaduna International Trade Fair, The Nation reported.
Speaking at the event, Mrs Sidi Ali Hakama, Deputy Director, Corporate Communications and Investor Relations Department of the apex bank, described the naira as a key symbol of Nigeria’s sovereignty that must be treated with respect. She was represented by Abbas Ibrahim Ahmed, a Deputy Director from the CBN headquarters in Abuja.
Trading currency is illegal – CBN
According to her, citizens should handle the national currency properly and keep it clean. She stressed that spraying, counterfeiting, mutilating or trading in banknotes is against the law and undermines the integrity of the currency.
Hakama assured stakeholders that the CBN remains committed to supplying clean and fit banknotes in appropriate denominations nationwide.
The trade fair, organised by Kaduna Chamber of Commerce, Industry, Mines and Agriculture, is themed: ‘From Reforms to Results: Economic Transformation through Sustained Local Content Development’.
She said the theme aligns with the CBN’s domestic reform agenda focused on sustainable growth, financial inclusion and resilience to external shocks.
CBN boasts of economic reforms
Under the leadership of Olayemi Cardoso, Hakama noted that the bank has introduced several reforms to reposition the economy. These include the unification of the foreign exchange market, an ongoing bank recapitalisation drive to support the target of a $1 trillion economy by 2030, the Non-Resident Bank Verification Number (NRBVN) initiative to connect Nigerians in the diaspora, and the B-Match system for foreign exchange trading.
She also highlighted the Nigerian Payments System Vision 2028, the 75% Cash Reserve Ratio on non-Treasury Single Account public sector deposits to improve liquidity management, and evolving regulatory clarity around stablecoins and virtual assets.
According to her, these measures have enhanced transparency, strengthened monetary policy transmission and supported macroeconomic stability, particularly after the discontinuation of deficit monetisation.
Nigeria ranks high in digital payments
Hakama added that Nigeria is now ranked among Africa’s most advanced digital payments markets, with leading fintech applications recording between 10 million and 50 million downloads, and more than 12 million contactless cards currently in circulation.
Looking ahead, she said the bank’s 2026 priorities include strengthening the banking system, ensuring durable price stability, modernising payments infrastructure, expanding financial inclusion, promoting responsible fintech innovation and deepening institutional partnerships.
The CBN also advised Nigerians to rely only on official and verified communication channels for information about its policies and programmes.
Source: UGC
In his remarks, Mr Faruk Suleiman, President of KADCCIMA, commended the apex bank’s reform efforts, noting that the business community is beginning to see signs of economic stability.
He encouraged participants to visit the CBN pavilion for direct engagement with officials.
The 47th Kaduna International Trade Fair continues to serve as a platform for interaction among policymakers, investors and the business community on Nigeria’s economic transformation agenda.
How Nigerians budgeted for Valentine’s Day in 2025
Legit.ng reported that ahead of the 2025 Valentine’s Day, 12% of Nigerians budgeted 200k to 500k for gifts and outings, according to a survey from a report by SBM Intelligence titled; "Love in the Air: How Nigerian Consumers are Driving Valentine’s Day Growth in 2025."
According to the report, another 17% will spend between N101,000 and N200,000; 33% will spend between N51,000 and N100,000 on their Valentine’s Day plans, while 25% will spend between N10,000 and N50,000 on the special day.
The report also shares details about the kinds of gifts they plan to buy and the places that will receive the highest customer traffic.
Source: Legit.ng
