CBN Warns Against Spraying, Mutilation, Hawking Of Naira

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has cautioned Nigerians, particularly market women, against the abuse of the Naira through spraying, hawking, or mutilation.

Cardoso described these acts as disregard for the nation’s critical symbol of sovereignty.

Represented by the Acting Director, Corporate Communications Department of the CBN, Mrs. Hakama Sidi Ali, the apex bank’s governor gave the warning on Thursday at the CBN Fair held in Kaduna.

The fair, themed: “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”, served as a platform to engage members of the public on the CBN’s policies aimed at sustainable economic growth and national development.

The CBN governor, said the theme was strategically chosen to highlight the role of digital and alternative payment systems in promoting financial inclusion, enhancing the operations of Small and Medium Enterprises (SMEs), and stabilising the economy.

“I urge everyone to rely only on information disseminated through verified official channels of the Central Bank of Nigeria,” he said. “Respect and keep the Naira clean. Do not spray, hawk, mutilate, or counterfeit it. The Naira remains our critical national symbol.”

Cardoso reiterated the primary objective of the fair in sensitising the public on how the CBN’s policies positively impact their daily lives, livelihoods, and contribute to the nation’s economic advancement.

He noted that various sessions at the fair would expose participants to developments in the Nigerian payments system, microfinance activities, foreign exchange market reforms, financial consumer protection, and currency management.

Cardoso added that the apex bank remained committed to promoting productivity and financial inclusion while delivering on its core mandate of ensuring monetary and price stability.

Highlighting some recent achievements of the bank, Cardoso mentioned the unification of exchange rates to curb arbitrage, clearance of over $7bn in verified FX backlog, and the ongoing bank recapitalisation initiative to enhance the resilience and global competitiveness of Nigeria’s banking sector.

He further noted the launch of the Non-Resident Bank Verification Number (BVN) scheme to link Nigerians in the diaspora with local banking services, and the Nigeria Payments System Vision 2028 (PSV 2028), which seeks to accelerate digital transformation and deepen inclusion.

In order to boost consumer confidence, Cardoso disclosed that the bank has introduced the Unified Complaints Tracking System (UCTS) and the *959# USSD code to verify licensed institutions and ensure transparency within the financial system.

Also speaking at the event, the Kaduna Branch Controller of the CBN, Mr. Ahmad Dalhatu described the fair as one of the bank’s flagship public enlightenment programmes aimed at increasing awareness and understanding of its policies, interventions, and services.

Dalhatu emphasised that the initiative provides an opportunity for the public to engage directly with the CBN, share concerns, and offer feedback, thereby fostering transparency and trust.