CBN brings currency education to Anambra, warns against naira misuse

The Central Bank of Nigeria (CBN) has reasserted its dedication to boosting efficiency, expanding access to financial services, and maintain...

The Central Bank of Nigeria (CBN) has reasserted its dedication to boosting efficiency, expanding access to financial services, and maintaining monetary and price stability as part of its initiatives to enhance the country's economy.

The Central Bank of Nigeria provided reassurance at the 2025 CBN Fair, which took place at the International Convention Centre in Awka, the capital of Anambra State, on Thursday. The gathering aimed to inform locals about financial education and motivated Nigerians to safeguard and uphold the value of the Naira.

In her initial comments, the Acting Director of the Corporate Communications Department at the CBN, Hakama Sidi Ali, stated that the event was created as a forum for direct interaction with the public regarding the bank's strategies for fostering sustainable economic growth and national progress.

Ali stated that the event's theme, "Promoting alternative payment channels as instruments for financial inclusion, growth, and faster economic development," was deliberately selected to emphasize efforts that drive essential monetary, pricing, and financial system stability, which are central to the CBN's responsibilities.

She stated, "As we emphasized at the fairs held in Lagos, Abeokuta, Kano, Kaduna, Uyo, Calabar, and Enugu recently, the fair serves as one of the avenues to interact with the public regarding the Bank’s policies, which are intended to promote sustainable economic growth in Nigeria; and on ways to encourage and boost development for our beloved country, enhancing the lives and well-being of Nigerians."

The CBN leadership is dedicated to ensuring monetary and price stability while performing the essential roles of the Central Bank of Nigeria, as specified in the CBN Act of 2007, with subsequent amendments. These initiatives are already producing favorable outcomes, as shown by the persistent drop in inflation, the steady increase in foreign reserves, and the present stability in the foreign exchange market.

The Naira is showing improvement, as the difference between official and Bureau de Change rates has dropped under two percent. Nigeria's foreign reserves exceed $43 billion, offering over 11 months of coverage for future imports, backed by continuous inflows and increased investor trust and involvement in various asset categories.

During the last two years, the CBN Governor has driven major reforms to build a strong base for Nigeria's progression into its next stage of economic growth, promoting inclusive development and job creation to alleviate poverty.

Among these reforms are the harmonization of the exchange rate, revitalizing banks through recapitalization, introducing the non-resident BVN to link Nigerians living overseas with local banking systems, the BMatch System for foreign exchange transactions, the launch of the Nigeria Payments System Vision 2028 (PSV 2028), and enforcing a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits to enhance liquidity control and reduce possible inflationary impacts, along with several other initiatives.

We strongly recommend that you only use information shared via the CBN's official verified channels. I also urge you to preserve and protect the Naira's integrity. Avoid spreading, selling, damaging, or forging the Naira. It is a crucial national symbol.

She encouraged attendees to take part in the process and come up with questions that the CBN team would answer.

In his opening speech, Akobundu Onwuchekwa, the Branch Controller of the CBN Awka Branch, praised the Corporate Communications Department for arranging the event, emphasizing that their creativity has been essential in the Bank's efforts towards financial inclusion and the rapid growth of the financial system.

Onwuchekwa mentioned that the input received from the exercise would significantly help the Bank in enhancing service delivery and efficient policy execution, leading to faster economic growth and development.

The CBN Awka Branch is pleased to be involved in this initiative by providing support and hosting the event. This moment is opportune and offers a valuable chance for the CBN to raise awareness about its programs, as well as interact directly with the Bank's partners and clients in the state.

The crucial role of the CBN in driving economic growth cannot be overstated, as the Bank leads the way in updating the payment system and encouraging financial inclusion to improve the well-being of the population.

"The branches of the Bank assist in attaining this goal and fulfilling the Bank's mission by passing down and executing policies, programs, and initiatives at the local level. The Awka Branch is dedicated to aiding the Bank's mission while promoting the economic goals of Anambra State through efficient stakeholder interaction, financial education campaigns, and smooth service provision," Onwuchekwa added.

Attendees at the gathering comprised state government bodies, security organizations, commercial banks, microfinance institutions, government ministries, departments, and agencies, members of the National Youth Service Corps, the All Farmers Association of Nigeria, trade associations, and other entities.

The gathering included hands-on discussions where attendees learned about money management and the protection of the Naira. Inquiries were made in various fields of concern, and local CBN officials offered responses and resolutions.

Nigeria's official currency, the Naira, has faced difficulties because of unstable oil earnings, increasing inflation, and ongoing issues with foreign currency availability. Although the Central Bank of Nigeria has introduced various changes to keep the currency stable, such as merging exchange rates and controlling money flow in the banking system, there are still problems in making sure people fully grasp the currency's worth and use it correctly.

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