Don’t Abuse The Naira, Nigeria Central Bank Warns

As Nigerians join millions of people all over the world to celebrate the Eid el Fitr holiday, which is accompanied with a lot of merriments, the Central Bank of Nigeria (CBN) has urged members of the public to desist from abusing the nation’s currency, the naira arguing that the cost of maintaining the naira note was expensive. The apex bank also urged Nigerians to embrace the various e-payment options in the economy.

The appeal came at the CBN’s ‘Promoting Financial Stability and Economic Development Fair,” in Lagos yesterday, which had a collective attendance of farmers, traders, SMEs and others from the informal sector. The Assistant Director, Currency Operations Department, CBN, Mr. Benedict Maduagwu said there are so many interventions by the CBN aimed at promoting the well-being and also in diversifying the economy.

He said, “We have the Anchor Borrowers’ scheme, which is a wonderful initiative. We also have the MSME intervention scheme of N220 billion, which 60 per cent is reserved for women. We also have the youth empowerment development programme and we are also promoting cashless. The way currency is being handled, it is being abused and the cost is huge. As at 2005 to 2010, it was over N192 billion and as I speak, it is more than that. So the effort in the cashless policy and also telling people on how to carry clean naira are all aimed at reduction of the huge cost in currency.” Maduagwu added that the sensitisation fair would be a nationwide event, in order to enlighten members of the public on the various reforms made by the apex bank.

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