The Central Bank of Nigeria has renewed its warning against the abuse and mishandling of the naira, urging Nigerians to treat the national currency with respect as a symbol of sovereignty, while reaffirming its commitment to economic stability and ongoing monetary reforms.
The apex bank said it remains focused on ensuring the steady supply of clean and fit currency notes in appropriate denominations to support economic activities across the country. It cautioned against practices such as hawking, mutilation, counterfeiting, and spraying of the naira, noting that such actions undermine the integrity of the currency and the financial system.
Speaking at the 37th Enugu International Trade Fair, the Acting Director of Corporate Communications and Investor Relations, Sidi Ali Hakama, said the Bank is intensifying efforts to promote a cleaner currency culture alongside broader economic reforms. She emphasised that maintaining the quality of the naira is essential for sustaining public confidence in the monetary system.
Hakama also highlighted the Bank’s commitment to a more transparent, forward-looking, and rules-based monetary policy framework designed to ensure long-term price stability. According to her, the approach is intended to better guide market expectations and reduce the impact of external and supply-side shocks on the economy.
She noted that recent reforms, anchored on orthodox monetary policy, enhanced institutional transparency, and a market-driven foreign exchange system, have begun to yield measurable results. These include improved price discovery, increased liquidity in the foreign exchange market, and stronger transmission of monetary policy.
The CBN said its anti-inflation measures are delivering tangible outcomes, with headline inflation declining significantly from a peak of 34.8 percent in late 2024 to 15.06 percent as of February 2026. The Bank also reported a sharp rise in capital inflows—nearly 200 percent between 2023 and 2025, and a substantial increase in external reserves, which climbed from below $10 billion to over $50 billion within the same period.
In recognition of these efforts, the Bank was recently named “Central Bank of the Year 2026” by an international awards committee in London, a development it said reflects growing global confidence in Nigeria’s monetary policy direction.
Looking ahead, the CBN outlined its strategic priorities for 2026, including strengthening the banking sector, sustaining price stability, modernising payment systems, and expanding financial inclusion. It also plans to foster responsible innovation in financial technology, improve institutional capacity, and deepen collaboration with key stakeholders.
The Bank reiterated the importance of Micro, Small and Medium Enterprises (MSMEs) to economic growth, describing them as critical drivers of employment and resilience. It said its policies are aligned with broader national goals to improve access to finance, enhance capacity building, and stimulate inclusive development.
Stakeholders at the event acknowledged the Bank’s reform efforts but urged caution over the potential impact of tight monetary policy on business growth. President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture, Nnanyelugo Onyemelukwe, commended the CBN for improving transparency and rebuilding investor confidence, particularly within the financial sector.
However, he expressed concern that persistently high interest rates could constrain access to credit for businesses and slow economic expansion. While noting the recent marginal reduction in the Monetary Policy Rate, he argued that borrowing costs remain elevated and should be gradually reduced to support productivity and private sector growth.
He added that while the CBN’s interventions have supported various sectors, there is a need for sustained policy measures to ease financial pressures on indigenous businesses and ensure that monetary tightening does not become counterproductive.
Despite these concerns, the CBN maintained that its current policy stance is necessary to consolidate gains in price stability and safeguard the broader economy, while continuing to balance inflation control with sustainable growth objectives.
