Table of Contents
- Caution in Handling Naira Notes
- CBN Fair Overview
- Responsible Handling of Currency
- CBN Reforms
- Public Sensitization Efforts
- Event Participants
The Central Bank of Nigeria (CBN) has urged caution in the handling of naira notes, emphasizing that the currency represents an important national symbol.
The apex bank made this appeal on Thursday in Awka during a fair organized under the theme, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth, and Accelerated Economic Development.”
This warning comes ahead of the holiday season, a time typically filled with various social events that can lead to the improper use of naira notes, including spraying, mutilation, and other forms of mishandling.
Mrs. Hakama Sidi Ali, Acting Director of the Corporate Communications Department at the Central Bank of Nigeria, who spoke at the fair, reiterated the importance of responsibly handling the currency.
She stated: “We strongly advise you to rely exclusively on information disseminated through the verified official channels of the Central Bank of Nigeria. I also encourage you to uphold and preserve the integrity of the Naira.
“Please refrain from spraying, hawking, mutilating, or counterfeiting the Naira. It is our vital national symbol.”
The acting director, represented by Uche Tobias Nnamdi, a bank official, also highlighted several reforms undertaken by the CBN, which he noted have helped to reduce inflation and stabilize the naira against the dollar.
He remarked: “Over the past two years, the governor has spearheaded significant reforms to lay a strong foundation for Nigeria’s progress into its next phase of economic development, promoting inclusive growth and job creation to alleviate poverty.
“Some of these reforms include the unification of the exchange rate, bank recapitalization, the introduction of the non-resident BVN to connect Nigerians abroad with domestic banking services, the BMatch System for foreign exchange trading, and the launch of the Nigeria Payments System Vision 2028 (PSV 2028).
“Additionally, there is the implementation of a 75 percent Cash Reserve Ratio (CRR) on non-Treasury Single Account (TSA) public sector deposits to enhance liquidity management and mitigate potential inflationary pressures, among other initiatives.”
In a welcome address, Mr. Akobundu Onwuchekwa, Branch Controller of the CBN in Awka, represented by Dr. Onyemakonor Ogbe, Head of the Banking Services Office, stated that the CBN fair aims to educate the public about the bank’s policies and ongoing initiatives.
He stated: “This event is very timely and provides an excellent opportunity for feedback, while also greatly aiding the Central Bank of Nigeria in raising public awareness about various initiatives of the bank.”
The fair included lectures from bank officials on available payment channels and guidance on resolving issues with deposit banks. It was attended by heads of commercial banks, microfinance banks, students, youth corps members, representatives from security organizations, and other members of the public.
Frequently Asked Questions
Why is the CBN emphasizing caution in handling naira notes?
The CBN considers the naira an essential national symbol and aims to prevent its misuse, especially during social events where mishandling can occur.
What reforms has the CBN implemented to stabilize the naira?
The CBN has introduced several reforms including the unification of the exchange rate, bank recapitalization, and the launch of the Nigeria Payments System Vision 2028, among others.
