Central Bank of Nigeria Urges Citizens to Value the Naira

As Nigeria approaches the festive season, the Central Bank of Nigeria (CBN) is reinforcing a vital message to its citizens: the naira is more than just currency-it is a symbol of national pride and unity that deserves respect and careful handling.

Promoting Responsible Currency Use Amid Festive Celebrations

With social gatherings and celebrations on the rise, the CBN is cautioning Nigerians against common practices that degrade the naira, such as spraying money at events, tearing notes, or engaging in counterfeiting. These actions not only physically damage the currency but also erode public confidence in the nation’s monetary system.

At a recent awareness event in Awka themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” the bank highlighted the importance of adopting modern payment methods and safeguarding the integrity of the naira.

Insights from CBN Officials on Currency Preservation

Represented by Uche Tobias Nnamdi, the Acting Director of Corporate Communications, Hakama Sidi Ali, stressed the need for Nigerians to obtain information solely from official CBN sources to avoid misinformation. She pointed out that the cultural practice of spraying money during celebrations, while widespread, is detrimental and must be discontinued to protect the naira’s status as a cherished national emblem.

Ongoing Financial Reforms to Strengthen Nigeria’s Economy

Under Governor Yemi Cardoso’s stewardship, the CBN has implemented several strategic reforms aimed at stabilizing the economy and reinforcing the naira’s value. Key initiatives include:

• Unification of the foreign exchange rate to enhance transparency and efficiency.
• Recapitalization efforts to bolster the resilience of Nigerian banks.
• Introduction of the non-resident Bank Verification Number (BVN) system to streamline financial inclusion.
• Deployment of the BMatch System to optimize foreign exchange transactions.

Additionally, the Nigeria Payments System Vision 2028 outlines a roadmap for a more inclusive and technologically advanced financial ecosystem, while adjustments to the Cash Reserve Ratio for public sector deposits aim to improve liquidity management.

Positive Indicators Amid Economic Challenges

CBN officials report encouraging signs such as improved foreign reserves and a modest appreciation of the naira in recent weeks, signaling that the reforms are beginning to yield results despite ongoing market volatility.

Community Engagement and Financial Literacy Efforts

At the Awka event, Dr. Onyemakonor Ogbe, representing CBN Branch Controller Akobundu Onwuchekwa, emphasized the importance of educating Nigerians about alternative payment channels and resolving banking concerns. The bank values public input as a critical component in refining its policies and enhancing service delivery.

Final Appeal: Respect and Protect the Naira

As the year-end festivities approach, the CBN’s clear directive to Nigerians is to treat the naira with dignity: avoid spraying it at social events, refrain from damaging or defacing notes, and reject counterfeit currency. By doing so, every citizen contributes to preserving the strength and reputation of Nigeria’s national currency.