• Cardoso Governor stresses respect for naira
• Financial inclusion and SME growth linked to economic stability
• Bank highlights reforms boosting FX inflows and digital transformation
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has cautioned Nigerians against spraying, hawking, and mutilating the Naira, warning that such actions constitute disrespect for the nation’s symbol of sovereignty.
Cardoso, represented by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, issued the warning on Thursday at the CBN Fair held in Kaduna.
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The Fair, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” aims to enhance public understanding of the Bank’s policies and their role in stabilising the economy.
The CBN governor said the Fair spotlights the link between financial inclusion and the growth of Small and Medium Enterprises (SMEs), which are essential for price stability and economic development.
Cardoso said:“I urge everyone here to rely only on information disseminated through verifiable official channels of the Central Bank of Nigeria.
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“I also encourage you to respect and keep the Naira clean. Do not spray, hawk, mutilate, or counterfeit the Naira. It is our critical national symbol.”
He highlighted recent CBN reforms, including the unification of exchange rates to curb arbitrage, clearance of over $7 billion in verified FX backlog, ongoing bank recapitalisation, and the launch of Non-Resident BVN for Nigerians abroad.
Cardoso also noted initiatives such as the Nigeria Payments System Vision 2028, the Unified Complaints Tracking System (UCTS), and the USSD code (*959#) for verifying licensed financial institutions.
According to Cardoso, the reforms have already begun yielding results, including increased foreign investment inflows, improved trade balances, and expanded financial inclusion.
Speaking earlier, CBN Controller, Kaduna Branch, Ahmad Dalhatu, described the Fair as a flagship programme to deepen financial literacy, promote transparency, and build trust between the Bank and Nigerians.
Dalhatu urged participants to actively engage, emphasising the importance of public awareness of monetary policy, consumer protection, and digital payments.
