CBN Urges Nigerians to Preserve Naira Integrity, Promotes E-Naira for Financial Inclusion

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CBN Urges Nigerians to Preserve Naira Integrity, Promotes E-Naira for Financial Inclusion
CBN Advocates Respect for Naira Notes and Embracing E-Naira for Transactions

The Central Bank of Nigeria (CBN) has issued a call to all Nigerians to refrain from spraying, hawking, or mutilating the naira notes to maintain the integrity of the national currency. This appeal was made by the Director of the Corporate Communications Department, Dr. Isa Abdulmumin, during his opening remarks at the 2023 CBN Fair held in Ado-Ekiti, the capital of Ekiti State.

Themed “Promoting Alternative Payment Channels as Tenets for Financial Inclusion,” the fair aimed to raise awareness among the public about the various initiatives of the Central Bank that can stimulate business growth and positively impact the Nigerian economy. The event also focused on educating the public about modern payment infrastructures, especially the newly introduced mobile wallet electronic payment known as E-Naira.

Representing the Director, Esu Imo highlighted the significance of viewing the Naira as a symbol of national identity and urged Nigerians to treat it with respect by keeping it clean. He emphasized the importance of adopting E-Naira as a secure and modern electronic payment method.

Dr. Abdulmumin stated, “The CBN will sustain its efforts to ensure the availability of currency. We, however, urge you to see Naira as our critical symbol of national identity. Respect and keep it clean. Do not spray, hawk, mutilate, or counterfeit the Naira.”

He reassured the public that the CBN would continue to fulfill its mandate of ensuring monetary and price stability while implementing proactive and innovative policies to support all economic sectors.

The Branch Controller of CBN in Ekiti State, Alhaji Abdulwasiu Abiola, elucidated on E-Naira, describing it as a product similar to cryptocurrency but distinct from it. He emphasized that any transaction possible with cryptocurrency could also be conducted with E-Naira.

In support of the CBN’s efforts, Engr Olugbenga Odesanmi, the Permanent Secretary of Agriculture and Food Security in Ekiti State, highlighted the state government’s initiatives to ensure food security through digitalized data of farmers and subsidies for essential agricultural products.

Chinyere Nwosu, a resource person from the CBN, delivered a lecture on “Consumer Protection,” urging Nigerians to promptly report any financial irregularities from commercial banks to the CBN to enable appropriate disciplinary actions.

The fair witnessed the participation of various CBN officials, including Assistant Director from CBN Fair Secretariat, Uche Tobias, Clinton Chukwu from the Payment System and Management Department, Richie Ugwu from Financial Market Department, Sanni Yahaya from E-Naira Department, and Ayodele Adebomoye, Assistant Director of Admin and Inventory Unit in Ekiti State, among others.

The event showcased the commitment of the Central Bank of Nigeria towards fostering financial inclusion, ensuring a strong national currency, and promoting modern and secure payment channels for the betterment of the Nigerian economy.

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