The Central Bank of Nigeria (CBN) has urged Nigerians to embrace secure alternative payment channels, respect the naira, and stay vigilant against fraud, as part of efforts to deepen financial inclusion and strengthen the economy.
Speaking yesterday at the apex bank’s maiden Financial Services Fair in Lagos, Acting Director of Corporate Communications, Hakama Sidi-Alli, said the event’s theme — “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development” — reflected the urgent need to expand access to financial services while boosting price stability.
“Our goal is to sensitise the public on how the Bank’s policies and innovations can enhance lives, support livelihoods, and contribute to Nigeria’s growth,” Sidi-Alli said.
“The CBN will continue to ensure clean currency availability. But the naira is more than money — it is a national symbol. Do not hoard, mutilate, counterfeit, or damage it.”
Public Education on Finance and Security
The fair featured five presentations on expanding financial access, protecting consumers, and safeguarding funds.
Mr. Ayodeji Ojo of the Other Financial Institutions Supervision Department (OFISD) highlighted CBN strategies to protect savings, improve loan access, encourage homeownership, and build trust in the financial system. He stressed the role of secure digital services in bridging Nigeria’s financial gap.
From the Consumer Protection/Financial Inclusion Department, Mr. Olufemi Fakeye outlined seven core consumer rights:
- The right to be informed
- The right to choose
- The right to safety
- The right to consumer education
- The right to confidentiality
- The right to redress
- The right to fair treatment
Fraud Prevention Tips
Fakeye also gave practical advice to guard against fraud:
- Keep PINs confidential
- Set account transaction limits
- Avoid sharing banking details over phone or SMS
- Store cards and PINs separately
- Enable SIM locks
- Report suspicious activities immediately
The CBN said such awareness initiatives would be rolled out nationwide to drive adoption of alternative payment channels, particularly among small businesses and underserved communities.
