By Daniel Oluwatobiloba Popoola
The Central Bank of Nigeria (CBN) has renewed its warning against the abuse and misuse of the naira, cautioning Nigerians against spraying, hawking, mutilating, or counterfeiting the national currency, even as the apex bank disclosed that recent stability in the foreign exchange market, rising reserves, and moderating inflation point to the success of its ongoing monetary reforms.
The warning and disclosure were made on Tuesday, 4 August,2026 at the CBN Fair held at the International Conference Centre, Gombe, organised under the theme, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” an event designed to deepen public understanding of the apex bank’s policies and initiatives.
Speaking on the naira abuse warning, the Acting Director, Corporate Communications and Investor Relations Department of the CBN, Mrs Hakama Sidi-Ali, urged Nigerians to obtain information on CBN policies only from the bank’s verified platforms, while appealing to citizens to respect the national currency.
She said, “I also urge you to uphold the cleanliness and respect of the naira. It is prohibited to spray, hawk, mutilate or counterfeit the naira,” describing the naira as “not only the indispensable national emblem of Nigeria, but also the source of our collective pride as a nation.”
The CBN Governor, Olayemi Cardoso, represented at the event by Sidi-Ali, disclosed that headline inflation declined marginally from 15.93 per cent in May 2026 to 15.91 per cent in June, with core and food inflation also easing during the period, a development he attributed to disciplined monetary tightening, exchange-rate unification, and improved market transparency.
According to him, the naira has also recorded greater stability, with the gap between the official exchange rate and Bureau de Change rates narrowing to below two per cent.
Cardoso further disclosed that Nigeria’s foreign reserves stood above $52.5 billion as of Friday,17 July,2026, describing the figure as a 17-year high and above the CBN’s annual target.
“The naira continues to strengthen, with the spread between official and Bureau de Change rates now narrowing to below two per cent. This is supported by sustained inflows and renewed investor confidence and participation across asset classes in Nigeria,” he said.
The CBN governor stated that the bank had, over the past 34 months, implemented reforms aimed at laying the foundation for sustainable economic growth, job creation, and poverty reduction.
He listed the reforms to include the unification and increased transparency of the foreign exchange market, recapitalisation of the banking sector, introduction of the non-resident Bank Verification Number, the B-Match system for foreign exchange trading, and the Nigeria Payments System Vision 2028.
He also cited the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits as part of measures aimed at improving liquidity management and reducing inflationary risks.
Cardoso disclosed that the CBN had further collaborated with the Financial Markets Dealers Association to introduce the Nigerian Overnight Financing Rate, describing it as a benchmark for short-term funding transactions designed to provide a transparent, market-based reference rate and bring Nigeria’s money market infrastructure closer to international best practices.
Speaking on the theme of the fair, Cardoso said the CBN was focused on promoting alternative payment channels as part of efforts to deepen financial inclusion and support economic activities, explaining that the fair provided an opportunity for the apex bank to interact directly with citizens, businesses, and other stakeholders, explain its policies, and obtain feedback from the public.
“The Fair is one of the Bank’s platforms strategically designed to engage the public on the Bank’s policies and initiatives,” he said, adding that the objective was to promote sustainable economic growth and development while obtaining practical suggestions from Nigerians on ways to improve livelihoods.
He urged participants to take advantage of the engagement by asking questions and seeking clarification on the CBN’s policies and programmes.
“Our dedicated team is ready to guide you through presentations on a variety of topics related to the Bank’s operations, such as the protection of financial consumers, innovations in Nigerian payment systems, microfinance subsector activities, monetary policy instruments and processes, and everything you need to know about the naira,” he said.
He added, “I, therefore, encourage all of you to engage actively and prepare your questions and concerns, which our team will address at the conclusion of the presentations.”
Earlier, the Branch Controller of the CBN Gombe Branch, Yunusa Buba-Mubi, said the fair was part of the bank’s calendar of activities aimed at bringing its policies and programmes closer to members of the public, explaining that the engagement would provide an avenue for sensitisation as well as feedback from citizens and stakeholders.
“The CBN Fair is a calendar event where the CBN interacts with the public by way of sensitisation and feedback from the public during the engagement,” he said.
He disclosed that a team from the CBN’s Corporate Communications and Investor Relations Department had been deployed to conduct the sensitisation programme, urging participants to pay attention to the presentations and use the opportunity to seek clarification on issues concerning the banking and financial system.
“I implore all of us to listen attentively, ask questions and provide feedback,” he said.
