The Central Bank of Nigeria (CBN) on Tuesday took its currency education campaign to Lagos residents, while appealing to Nigerians to protect and preserve the dignity of the Naira
Freedomonline reports that the sensitisation exercise which the apex bank termed: “CBN FAIR”, held at Maryland, a mixed commercial and residential area in Lagos Mainland.
The event had in attendance, entrepreneurs, policymakers, financial institutions, fintech innovators, banks, consumer protection agencies, market men and women, students from various tertiary institutions, youth groups among others.
The programme had the theme: “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”.
CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi Ali, said the fair was designed to interact with the public and critical stakeholders on the Bank’s policies for sustainable economic growth and Nigeria’s development.
Sidi Ali said the theme was apt to address the imperative of value addition and the links that catalyse SMEs and other economic activities to attain the much-needed price stability.
She added that the apex bank, under the leadership of Mr Olayemi Cardoso, is committed to stimulating productivity, financial inclusiveness and delivering on core mandate of monetary and price stability.
She listed CBN’s functional policies that repositioned and expanded the economy in the last 22 months to strengthen the financial system, increase foreign investments inflow and huge leap in financial inclusion rates.
“The core objective of this engagement, therefore, is to sensitise members of the public on how the Bank’s policies and innovations can enhance their lives and livelihood and contribute to the growth and development of the Nigerian economy,” she said.
She appealed for preservation of the dignity of the nation’s currency through prevention of various forms of abuse including commodifying the Naira.
“The CBN will continue to ensure availability of clean currency. We, however, urge you to see the Naira as our critical symbol of national identity. Respect and keep it clean. Do not spray, hawk, mutilate or counterfeit the Naira.
“Our team is on hand to take us through presentations on the activities of the Bank in the microfinance sub-sector; how the Bank protects the rights of financial consumers.
“We will enlighten you on all you need to know about the Naira. Recent innovations in the Nigerian payments system will also be discussed as well as developments in the foreign exchange market,” she said.
Mr Paul Onuoha of the CBN Currency Operations and Branch Management Department, making slide presentations, explained things that constitute Naira abuse and measures against it.
Taking the audience through interactive practical sessions, he explained how to identify counterfeits and need to return such notes to the apex bank.
“Naira is one of the strongest currencies in the world when it comes to security features,” he said.
The Branch Controller, CBN, Lagos, Mr Sunday Daibo, said the fair was not just an exhibition of programmes and initiatives but a celebration of collective commitment to economic stability, financial inclusion and national development.
According to Daibo, technology is reshaping economies and redefining how people interact with financial services and has transformed Alternate Payment Channels into necessary bridges connecting unserved and underserved populations to the formal financial system.
“They are catalysts for innovation, growth and opportunity,” he said.
He said the gathering of various stakeholders had a single mission to make financial access universal and to ensure that every Nigerian, regardless of location or status, could participate in and benefit from the nation’s economic progress.
He explained how technology had helped in achieving financial inclusion across the nation’s financial ecosystem to foster growth and accelerate Nigeria’s journey toward sustainable economic development
“Let this fair be more than an exhibition. Let it be a launchpad for initiatives that will carry the benefits of alternative payment channels to every corner of our nation,” he said.
Also making a slide presentation, Mr Ayodeji Ojo of CBN’s Other Financial Institutions Supervision Department (OFISD), explained the mandate of the unit in ensuring the safety, soundness, and stability of Other Financial Institutions (OFIs).
Ojo explained how OFISD impacts the populace to protect savings of low income earners and rural dwellers; enables access to loans, promotes homeownership, builds trust in licensed financial institutions, reduces financial exclusion among others.
“What we are saying, our banks are now stronger,” he said.
Other speakers explained how payment systems work, consumer rights issues, need for stronger Naira for vibrant economy that attracts investors and problems the proposed open banking will resolve.
