Olayemi Cardoso Cautions Nigerians Against Naira Abuse

Olayemi Cardoso cautions Nigerians against spraying or mutilating the Naira, urging respect for the nation’s currency as a symbol of sovereignty

Olayemi Cardoso warns Nigerians to treat the Naira with dignity, warning that spraying, hawking or mutilating the currency constitutes an offence and disrespects the country’s sovereignty.

Also read: CBN launches PSV 2028 to drive inclusive digital payments

The Governor of the Central Bank of Nigeria, who was represented by Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, made this known at the CBN Fair held in Kaduna.

Themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” the event aimed to deepen understanding of central banking policies and how they affect everyday lives.

Cardoso stressed that the Naira is more than just a currency—it is a national symbol, and its abuse undermines national pride.

“Do not spray, hawk, mutilate or counterfeit the Naira. It is our critical national symbol,” he said firmly, as he urged citizens to rely solely on information from verified CBN channels.

The Fair is part of CBN’s ongoing sensitisation campaign to connect citizens with the impact of monetary policies on economic growth, financial inclusion and price stability.

He also addressed key policy reforms that have begun yielding tangible benefits.

These include the unification of exchange rates, clearance of over $7 billion FX backlog, and the ongoing recapitalisation of banks to support the country’s vision of becoming a $1 trillion economy.

In a move to accelerate digital transformation, Cardoso referenced the Nigeria Payments System Vision 2028, the launch of Non-Resident BVN for Nigerians in the diaspora, and the Unified Complaints Tracking System (UCTS)—accessible via USSD code *959# for verifying financial institutions.

Earlier, CBN Controller for Kaduna Branch, Ahmad Dalhatu, emphasised the importance of the Fair in promoting financial literacy and public trust.

He encouraged participants to engage actively, noting that the programme also serves as a feedback mechanism to shape future policy directions.

“The need for increased public awareness of monetary policy, financial inclusion and digital payments cannot be overemphasised,” Dalhatu added.

Also read: CBN mandates banks to appoint CEOs six months early

As the nation navigates evolving economic realities, Cardoso’s caution stands as a firm reminder: the Naira is not merely a transactional tool but a reflection of Nigeria’s identity—and must be treated with respect.