CBN warns against naira mutilation, showcases reform gains at Kaduna Trade Fair
The Central Bank of Nigeria (CBN) has cautioned Nigerians against the mutilation and abuse of the naira, urging citizens to treat the national currency with respect and desist from spraying,
The Central Bank of Nigeria (CBN) has cautioned Nigerians against the mutilation and abuse of the naira, urging citizens to treat the national currency with respect and desist from spraying, defacing, counterfeiting, and hawking banknotes.
The warning was issued during the CBN Special Day at the 47th Kaduna International Trade Fair.
Mrs. Sidi Ali Hakama, Deputy Director, Corporate Communications and Investor Relations Department of the apex bank, said the naira remains a critical symbol of Nigeria’s sovereignty and must be handled with care.
She was represented at the event by Abbas Ibrahim Ahmed, Deputy Director from the CBN headquarters in Abuja.
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“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.
Hakama assured stakeholders that the bank remained committed to ensuring a steady supply of clean and fit currency notes in appropriate denominations across the country.
The trade fair, organised by the Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA), has as its theme: ‘From Reforms to Results: Economic Transformation through Sustained Local Content Development’.
According to her, the theme aligns with the CBN’s domestic reform agenda anchored on sustainable growth, financial inclusion, and resilience against external shocks.
She noted that under the leadership of the CBN Governor, Mr. Olayemi Cardoso, the bank had embarked on far-reaching reforms to reposition the economy.
These include the unification of the foreign exchange market, the ongoing bank recapitalisation drive aimed at supporting the vision of a $1 trillion economy by 2030, the introduction of the Non-Resident Bank Verification Number (NRBVN) to link Nigerians in the diaspora, and the B-Match system for foreign exchange trading.
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Other initiatives highlighted were the Nigerian Payments System Vision 2028, the 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits to enhance liquidity management, and emerging regulatory clarity around stablecoins and virtual assets.
She said the reforms had improved transparency, strengthened monetary policy transmission, and reinforced macroeconomic stability, particularly following the discontinuation of deficit monetisation.
Hakama 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 over 12 million contactless cards currently in circulation.
She added that the bank’s strategic priorities for 2026 include strengthening the banking system, delivering durable price stability, modernising payments infrastructure, advancing financial inclusion, encouraging responsible fintech innovation, and deepening institutional partnerships.
The CBN also urged members of the public to rely only on official and verifiable communication channels for information regarding its policies and programmes.
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In his welcome address, President of KADCCIMA, Mr. Faruk Suleiman, commended the apex bank for its reform efforts, saying the business community was already witnessing signs of economic stability.
“We believe in the reforms of the Central Bank of Nigeria. If not for these reforms, we would not have had the stability we are experiencing today,” Suleiman said.
He encouraged participants at the trade fair to visit the CBN pavilion for direct engagement with officials.
The 47th Kaduna International Trade Fair continues to provide a platform for interaction between policymakers, investors, and the business community on Nigeria’s economic transformation agenda.
