Victor EzejaThe Central Bank of Nigeria (CBN) has shared tips to prevent fraud in financial transactions in the Nigerian banking system.
The CBN provided the tips while sensitising Nigerians about the use of alternative payment channels during the maiden edition of its financial services fair held in Lagos on Tuesday.
Join our WhatsApp ChannelThe fair featured five key presentations to educate participants on the efforts of the apex bank to expand financial services access across Nigeria.
In his presentation, Mr. Olufemi Fakeye from the Consumer Protection/Financial Inclusion Department, urged consumers to avoid revealing their bank account secret PINs and set account limits to anyone.
Mr Fakeye also advised bank customers to create and maintain SIM locks on their mobile phones, avoid sharing details over the phone or SMS, keep cards and PINs separate, and promptly report any suspicious activities.
He also highlighted seven fundamental consumer rights, including the right to be informed, choice, safety, consumer education, confidentiality, redress, and fair treatment.
Warning against Naira Abuse, Counterfeit, Hoarding
The CBN also reiterated its warning against the abuse, counterfeiting, and hoarding of the Naira, emphasising the importance of protecting the currency’s dignity and ensuring its proper circulation.
The CBN has repeatedly cautioned the public against actions that deface or misuse the Naira, such as spraying, stapling, writing, or mutilating the currency. These acts are considered criminal offenses under the CBN Act (Section 21) and are punishable by imprisonment (up to six months) or fines (at least N50,000).
Speaking at the fair, Acting Director, Corporate Communications, Department, CBN, Hakama Sidi-Alli, urged Nigerians to see the naira as a critical national symbol.
Sidi-Alli assured that the apex bank will continue to make the local currency available, but members of the public have a duty to protect it.
“The CBN will continue to ensure the availability of clean currency. However, we urge you to see the naira as a critical symbol of our national identity. Please respect it and keep it clean. Do not hoard, mutilate, counterfeit, or damage the naira,” Sidi-Alli stated.
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Theme of the fair, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” was designed to raise public awareness about how the Bank’s policies and innovations can improve people’s lives and livelihoods while also contributing to the growth and development of the Nigerian economy.
Sidi-Alli said the CBN, led by Mr. Olayemi Cardoso, is committed to boosting productivity and financial inclusion while also delivering on its core mandate of monetary and price stability.
According to her, CBN’s reform agenda has stabilised the financial system and positioned it to support the federal government’s ambition of building a $1 trillion economy.
She stated that the CBN management is promoting technologies that empower individuals, increase productivity, and connect communities to economic opportunities.
She highlighted key achievements of the apex bank so far, which include: unification of exchange rates to curb arbitrage and reduce market volatility; clearance of over $7 billion in verified forex backlogs; launch of the Nigerian Forex Code to strengthen ethics, governance, and compliance in the FX market; and the ongoing bank recapitalisation programme.
Others are the introduction of the Non-Resident Bank Verification Number (NRBVN) to connect Nigerians abroad with domestic financial services, and the deployment of the USSD verification code (#959#) to boost transparency and consumer protection.
“This has resulted in significant increases in the inflow of foreign investment, positive trade balances, and a quantum leap in the financial inclusion rate in recent times,” she stated.
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In his remarks, Sunday Daibo, the branch controller for CBN Lagos, stressed that the bank’s goal is to guarantee that everyone has access to financial services.
Daibo emphasized how barriers of cost, complexity, and distance are being eliminated by mobile money, agency banking, USSD services, internet banking, contactless payments, digital currency, and open banking.
He said the digital channels are not just tools to process payments, but also help empower individuals and improve economic participation.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
