The Central Bank of Nigeria (CBN) hosted its inaugural financial services fair in Lagos, emphasizing the adoption of alternative payment channels, proper handling of naira notes, consumer rights, and fraud prevention strategies to enhance financial inclusion and economic growth. The event, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth, and Accelerated Economic Development,” aimed to educate the public on how CBN policies can improve livelihoods and support Nigeria’s economy.
Hakama Sidi-Alli, Acting Director of Corporate Communications at the CBN, highlighted the importance of these initiatives in fostering price stability and supporting small and medium enterprises (SMEs). She urged Nigerians to treat the naira, a symbol of national identity, with respect, emphasizing the CBN’s commitment to ensuring clean currency circulation while discouraging hoarding, mutilation, or counterfeiting. “We urge you to keep the naira clean and respect its value,” Sidi-Alli stated.
The fair featured five key presentations outlining the CBN’s efforts to broaden financial access. Ayodeji Ojo from the Other Financial Institutions Supervision Department explained strategies to expand secure digital services, promote loan access, and increase homeownership opportunities, fostering trust in Nigeria’s financial system. Olufemi Fakeye from the Consumer Protection/Financial Inclusion Department detailed seven consumer rights—information, choice, safety, education, confidentiality, redress, and fair treatment. He also shared fraud prevention tips, advising consumers to secure PINs, set account limits, avoid sharing details via phone or SMS, keep cards and PINs separate, use SIM locks, and report suspicious activities promptly.
The initiative aligns with Nigeria’s economic progress, including a 67.12% surge in capital importation to $5.64 billion in Q1 2025 and a 39.98% year-to-date gain in the Nigerian Exchange, despite challenges like naira volatility (N1,565/$1 in the parallel market) and 22.22% inflation in June. The CBN’s focus on digital channels and consumer education aims to drive inclusive growth and economic stability.
