By: Manoah Kikekon
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| Central Bank of Nigeria and Nira Note |
The Central Bank of Nigeria (CBN) has intensified its efforts to safeguard the naira while promoting financial inclusion through its "CBN FAIR" initiative, held in Maryland, Lagos.
The event brought together entrepreneurs, policymakers, financial institutions, fintech innovators, students, and market traders to discuss alternative payment solutions and the importance of preserving the naira’s integrity.
Under the theme “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth, and Accelerated Economic Development,” the CBN emphasized its commitment to price stability, SME growth, and financial accessibility for all Nigerians.
Hakama Sidi Ali, CBN’s Acting Director of Corporate Communications, highlighted the bank’s policies over the past 22 months, which have strengthened Nigeria’s financial system, boosted foreign investments, and expanded financial inclusion.
“This engagement is designed to educate the public on how CBN’s policies and innovations can improve livelihoods and drive Nigeria’s economic growth,” she stated.
The CBN issued a strong appeal against naira abuse, including spraying, hawking, or counterfeiting the currency. Paul Onuoha from CBN’s Currency Operations Department demonstrated how to identify fake notes and urged citizens to report counterfeit money to the apex bank.
“The naira is one of the most secure currencies globally let’s respect and preserve it,” Onuoha emphasized.
Sunday Daibo, CBN Lagos Branch Controller, stressed the role of technology in financial inclusion, stating that digital payment channels are essential for connecting underserved populations to formal banking.
“Alternative payment systems are not just tools they are bridges to economic opportunity,” Daibo remarked.
Additionally, Ayodeji Ojo from CBN’s Other Financial Institutions Supervision Department (OFISD) explained how regulatory measures protect low-income earners and enhance trust in Nigeria’s financial ecosystem.
(NAN)