Central Bank Warns Nigerians Against Spraying, Mutilating Naira

By Abdullahi Alhassan, Kaduna The Central Bank of Nigeria (CBN) has issued a strong warning against the abuse and mutilation of the naira, ...

By Abdullahi Alhassan, Kaduna

The Central Bank of Nigeria (CBN) has issued a strong warning against the abuse and mutilation of the naira, urging Nigerians to respect the national currency and refrain from practices such as spraying, counterfeiting, defacing, and hawking banknotes.

The warning was issued during the CBN Special Day at the 47th Kaduna International Trade Fair, where the Deputy Director of Corporate Communications and Investor Relations, Mrs. Sidi Ali Hakama, reaffirmed the Bank’s commitment to ensuring a steady supply of clean currency notes in appropriate denominations.

Represented by Abbas Ibrahim Ahmed, Deputy Director at the CBN Headquarters in Abuja, Hakama described the naira as a critical symbol of national identity.

“The naira is a crucial symbol of our national identity. Please respect it and keep it clean. Do not spray, counterfeit, mutilate, or hawk the naira,” she said.

She also assured stakeholders of the apex bank’s dedication to maintaining economic stability and strengthening structural reforms.

The event, organised by the Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA), was themed: “From Reforms to Results: Economic Transformation through Sustained Local Content Development.”

Hakama noted that the theme aligns with the CBN’s domestic reform agenda focused on sustainable growth, financial inclusion, and resilience against external shocks. Under the leadership of the CBN Governor, Mr. Olayemi Cardoso, the Bank has introduced wide-ranging reforms aimed at repositioning Nigeria’s economy.

These include the unification of the foreign exchange rate, ongoing bank recapitalisation to support the vision of a $1 trillion economy by 2030, the introduction of the Non-Resident Bank Verification Number (BVN) to connect Nigerians in the diaspora, and the B-Match system for foreign exchange trading.

Other key initiatives highlighted include the Nigerian Payments System Vision 2028, a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public-sector deposits to enhance liquidity management, and regulatory clarity in emerging areas such as stablecoins and virtual assets.

According to the CBN, these reforms have improved transparency, strengthened monetary policy transmission, and reinforced macroeconomic stability, particularly following the discontinuation of deficit monetisation.

Hakama further disclosed that Nigeria now ranks 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 to 2026, the CBN’s strategic priorities include strengthening the banking system, achieving durable price stability, modernising payments infrastructure, advancing financial inclusion, fostering responsible fintech innovation, and deepening institutional partnerships.

The apex bank reiterated its commitment to transparency and urged members of the public to rely solely on official and verifiable communication channels for information regarding its policies and programmes.

In his welcome address, KADCCIMA President, Mr. Faruk Suleiman, commended the Central Bank for its reform efforts, noting that the business community is already witnessing improved economic stability.

“We believe in the reforms of the Central Bank of Nigeria. Without these reforms, we would not have experienced the stability we are seeing today,” Suleiman said, urging participants to visit the CBN pavilion for direct engagement with officials.

The 47th Kaduna International Trade Fair continues to serve as a major platform for dialogue among policymakers, investors, and the business community on Nigeria’s economic transformation agenda.