The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has issued a stern warning to Nigerians against the abuse of the nation’s currency, reiterating that practices such as spraying, hawking, and mutilation of the naira remain strictly prohibited.
The warning, delivered on Thursday, September 18, 2025, at a CBN Fair in Kaduna, underscored the apex bank’s commitment to restoring confidence in the financial system and the integrity of the national currency.
The CBN Fair, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” served as a crucial platform to educate the public on the CBN’s monetary policies and their impact on daily life.
Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications, represented the governor and urged the public to rely only on information from verifiable official CBN channels.
During the fair, the CBN highlighted several key reforms already yielding positive results. These include the unification of exchange rates to minimize arbitrage opportunities and reduce market volatility.
A significant step noted was the clearance of over $7 billion in verified FX forwards, a move that has helped to restore confidence among foreign investors and improve liquidity in the foreign exchange market.
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The CBN governor also pointed to ongoing bank recapitalization efforts, which are designed to strengthen the resilience and global competitiveness of the banking sector. These reforms are part of the broader strategy to prepare the Nigerian financial system to support the Federal Government’s $1 trillion economy target.
A core objective of the fair was to promote alternative payment channels and deepen financial inclusion. The CBN has rolled out several digital initiatives to achieve this, including the introduction of the Non-Resident BVN, which enables Nigerians in the diaspora to connect to home banking services.
The bank also launched the Nigeria Payments System Vision 2028 to accelerate digital transformation and the Unified Complaints Tracking System, which includes the USSD code *959# to streamline consumer complaints and improve transparency.
The consistent message from the CBN is that these reforms are already yielding increased foreign investment inflows, improved trade balances, and significant progress in financial inclusion. However, the bank stressed that the success of these initiatives relies on public cooperation, especially in respecting the naira, which remains a critical national symbol.
