We’ll continue to make clean naira available – CBN

The Central Bank of Nigeria (CBN) has promised to make clean naira available for Nigerians and urged the people to see the currency as a symbol of national identity.

The Acting Director, Corporate Communications Department of the apex bank, Mrs Hakama Sidi Ali, disclosed this at a sensitisation exercise tagged “CBN Fair” with the theme: “Driving Alternative Payment Channels as Tools for Financial Inclusion Growth and Accelerated Economic Development”, held in Abeokuta on Thursday.

Ali, therefore, urged Nigerians not to hawk, mutilate, or counterfeit the naira, but to always keep it clean at all times.

She explained that the Fair serves as a platform for interacting with members of the public and critical stakeholders on the policies of the Central Bank of Nigeria, aimed at promoting sustainable economic growth and development in the country.

The CBN official said the theme of the Fair was chosen to address the imperative of value addition and the links that catalyse SMEs and other economic activities to attain the much-needed price stability.

Ali said, “The CBN will continue to ensure availability of clean currency. We, however, urge you to see the Naira as our critical symbol of national identity. Respect and keep it clean. Do not spray, hawk, mutilate or counterfeit the Naira.”

She revealed that the bank, under the leadership of Mr Olayemi Cardoso, has stimulated productivity and financial inclusiveness by delivering monetary and price stability.

“Over the past twenty-two months, the Bank has, among others, rolled out the following functional policies to strengthen the financial system: Exchange rate unification to minimize arbitrage opportunities and reduce volatility in the foreign exchange market and cleared over 7 billion dollars of verified backlog of FX forwards; launch of Nigeria Foreign Exchange (FX) Code; Bank Recapitalisation to strengthen the resilience and global competitiveness of the banking sector; launched the non-resident BVN to connect Nigerians abroad with home, launched the Unified Complaints Tracking System (UCTS), among other policies,” she stated.

The CBN Branch Controller, Abeokuta Branch, Malik Ololade, in his welcome address, said that the CBN Fair is one of the bank’s major public enlightenment initiatives aimed at sensitising members of the public on its policies, programmes, and interventions.

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“Over the years, the Fair has evolved into a veritable channel for fostering two-way communication between the Central Bank and the grassroots. It enables us not only to explain our policies but also to listen to your concerns, feedback, and expectations. This year’s event continues that tradition, and I encourage everyone here to actively participate in the discussions.

“As we navigate the evolving economic landscape – both globally and locally – the need for increased public awareness of monetary policy, financial inclusion, consumer protection, digital payments, and intervention programmes cannot be overemphasised. The CBN remains committed to ensuring a sound financial system and an inclusive economy where every Nigerian can thrive,” he stated.

In his goodwill message, the Permanent Secretary, Ministry of Commerce and Industry, Dr Olu Ola Aikulola, represented by the Director of Commerce, Deji Sowunmi, urged manufacturers, fintech operators, academia, and youth to adopt policies and practices that drive efficiency, protect consumers, and accelerate prosperity.

In his presentation on Financial Institutions Supervision, Mr Ayodeji Ojo advised Nigerians to keep their money in the bank, saying their savings are safe with financial institutions.

Ojo said, “The Other Financial Institutions Supervision Department of the CBN is monitoring the activities of the Micro Finance Bank. The MFBs are set up to eradicate poverty. There are more to do with your money than keeping it at home. Be part of the eco-financial system. You have a lot benefit from the MFBs.”

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