CBN urges proper use of Naira, digital payments

The Central Bank of Nigeria (CBN) has advised the public on responsible use of alternative payment channels, proper handling of the naira, consumer rights, and fraud prevention strategies.

This was during its maiden financial services fair held yesterday in Lagos.

Speaking at the event, the Acting Director of Corporate Communications, Hakama Sidi-Alli, said the fair’s theme, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”, was aimed at promoting value addition and linking SMEs and other economic activities to achieve price stability. She noted that the engagement sought to educate the public on how CBN policies and innovations could improve livelihoods and drive economic growth.

On the naira, she stressed that it is a symbol of national identity, urging Nigerians not to hoard, mutilate, counterfeit, or damage it, while assuring that the apex bank would continue to make clean currency available.

The fair featured presentations on how CBN safeguards savings, enables access to loans, boosts homeownership, and builds public trust in the financial system. Mr. Ayodeji Ojo of the Other Financial Institutions Supervision Department said the bank is expanding access to financial services nationwide while promoting secure digital transactions.

In another session, Mr. Olufemi Fakeye from the Consumer Protection/Financial Inclusion Department listed seven key consumer rights — the right to be informed, choice, safety, consumer education, confidentiality, redress, and fair treatment. He also shared fraud prevention tips, including keeping PINs secret, setting account limits, avoiding sharing details via phone or SMS, separating cards from PINs, enabling SIM locks, and promptly reporting suspicious activities.