Respect the Naira, CBN Tells Nigerians as Reserves Hit 17-Year High

By Uzairu Dauda Bunga:

The Central Bank of Nigeria (CBN) has urged Nigerians to treat the naira with dignity and respect, describing the national currency as a symbol of the country’s sovereignty, identity and pride.

The appeal was made by the Branch Controller of the CBN, Bauchi Branch, Michael Dalyop, during the 2026 CBN Fair held at Bajahuni Hall in Bauchi. The event, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” brought together key stakeholders to promote financial literacy and digital payment solutions.

Represented by Salahu Bello Mohammed, an Assistant Director at the CBN, Dalyop said the Bank remains committed to achieving its statutory mandate through the implementation of its 2024–2028 Strategy, which aims to ensure monetary and price stability while strengthening the financial system as a catalyst for inclusive growth and sustainable economic development.

He explained that the CBN’s policies and initiatives are designed to empower all segments of the economy—including individuals, micro, small and medium-sized enterprises (MSMEs), and large businesses to take advantage of opportunities within the financial system and engage in productive economic activities.

According to him, the CBN Fair serves as a platform to educate the public on alternative payment channels, deepen financial inclusion, and showcase the opportunities available in Nigeria’s evolving financial ecosystem.

In his opening remarks, the Acting Director of the Corporate Communications and Investor Relations Department of the CBN, represented by Deputy Director Michael Dalyop, urged Nigerians to rely only on information disseminated through the Bank’s official and verified communication channels to avoid misinformation and misleading reports.

He also disclosed that Nigeria’s foreign reserves stood at over US$52.5 billion as of July 2026, the highest level recorded in 17 years. He attributed the growth to sustained foreign exchange inflows, renewed investor confidence, and increased participation across various asset classes in the Nigerian economy.

The CBN said the improved reserve position reflects the effectiveness of its ongoing reforms and reinforces the country’s macroeconomic stability while supporting sustainable economic growth.