•Urges Nigerians to protect currency

By Emma Ujah, Abuja

Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has launched the CBN Naira Ambassadors Club, a campaign aimed at promoting respect for and proper handling of the Naira among young Nigerians.

Speaking at the inauguration of the club, comprising secondary school students in the Federal Capital Territory, Cardoso said: “The Naira is much more than paper and polymer. It is the legal tender of the Federal Republic of Nigeria. It facilitates trade, supports economic activity, enables savings and investment, and serves as a visible expression of our national identity and sovereignty.”

He added: “Every banknote tells a story about our nation. It carries the portraits of distinguished Nigerians, national symbols and security features carefully designed to preserve public confidence in our monetary system.”

According to him, “Every Nigerian has a responsibility to treat the Naira with respect.”

Cardoso noted that “the Central Bank continually invests significant resources in producing clean, durable and secure banknotes to meet the needs of our economy,” warning that “when banknotes are defaced, mutilated or mishandled, they deteriorate more rapidly than expected. This increases replacement costs, disrupts the efficiency of currency circulation and imposes avoidable financial burdens on the nation.”

He stressed that “the preservation of our currency is therefore not merely an operational concern for the Central Bank; it is a matter of national responsibility.”

Deputy Governor, Operations, Ms. Emem Usoro, described the initiative as “CBN’s continuing commitment to protecting one of Nigeria’s most important national assets—our currency.”

She said: “Every nation takes pride in its currency because it represents more than a medium of exchange. It embodies national sovereignty, economic stability, public confidence and our collective identity as a people.”

Lamenting abuse of the currency, she stated: “Practices such as writing on banknotes, stapling, spraying during celebrations, squeezing notes into pockets, mutilation and other forms of abuse reduce the lifespan of our currency, increase replacement costs and diminish the respect due to one of our foremost national symbols.”

Usoro added: “Sustainable change must come through education, awareness and the cultivation of positive values from an early age. The vision behind this initiative is to empower young Nigerians with the knowledge, values and confidence to become advocates for proper currency handling within their schools, families and communities.”

Director of Currency Operations and Branch Management, Dr. Adetona Adedeji, said safeguarding the Naira is “a shared civic duty of every Nigerian,” adding that the campaign would be expanded nationwide to discourage spraying and other forms of currency abuse.

ByElizabeth Adegbesan 

Net Foreign exchange (forex) into the economy fell  by 24 per cent, month-on-month, MoM to $6.92 billion in February from $9.22 billion recorded the previous month. 

The Central Bank of Nigeria, CBN disclosed this in its monthly economic report for February 2026.

The report showed that  the decline in net forex was driven by a 22.9 per cent, MoM  decline in foreign exchange inflow into the economy during the month, which cancelled the impact of a 16.9 per cent, MoM decline in foreign exchange outflow. 

The CBN said: “Foreign exchange flows through the economy resulted in a net inflow of $6.92 billion, compared with $9.22 billion in January 2026. 

“Aggregate foreign exchange inflow decreased to $9.43 billion, from $12.23 billion in January. Aggregate foreign exchange outflow also decreased to $2.50 billion, from $3.01 billion in the preceding month. “Foreign exchange inflow through the Bank (CBN)  fell to $3.09 billion, from $4.66 billion in January 2026. Similarly, autonomous inflow fell to $6.34 billion, from $7.57 billion. 

“Outflow through the Bank rose to $1.75 billion, from $1.57 billion in the preceding month. In contrast, autonomous outflow decreased to $0.75 billion, from $1.44 billion. Consequently, flows through the Bank and autonomous sources resulted in net inflows of $1.34 billion and $5.58 billion, respectively, compared with $3.09 billion and $6.14 billion in the preceding month.  

“While highly positive, these figures represent a step down from the $3.09 billion and $6.14 billion recorded by the Bank and autonomous sources  respectively in the preceding month, pointing to a cooling period in overall foreign capital activity.”

By Etop Ekanem

Fidson Healthcare Plc has commended the Bank of Industry (BoI) for providing concessionary financing that has supported the growth of pharmaceutical manufacturing in Nigeria.

The commendation followed a visit by delegations from the European Investment Bank (EIB) and BoI to Fidson’s manufacturing facility in Sango-Ota, Ogun State.

The visit was part of the implementation of the €50 million healthcare financing partnership between EIB Global and BoI aimed at boosting local production of medicines, vaccines, diagnostics and other critical healthcare products.

Speaking during the visit, Executive Director, Corporate Finance and Sustainability at BoI, Mr. Rotimi Akinde, representing the Managing Director and Chief Executive Officer of BoI, Dr. Olasupo Olusi, described Fidson as one of Nigeria’s leading pharmaceutical companies.

He said the bank has maintained a strong relationship with Fidson since 2010, providing concessionary financing to support its expansion plans.

“Over the years, we have provided concessionary financing to support its expansion plans, and the company has grown significantly as a result of that partnership,” Akinde stated.

Vice-President of the European Investment Bank, Mr. Ambroise Fayolle, said Fidson was among the first beneficiaries of the EIB-BoI healthcare financing programme.

“A few months after signing the €50 million health financing agreement with the Bank of Industry, I am pleased to visit one of the first beneficiaries of this credit line, Fidson Healthcare, one of the leading pharmaceutical manufacturers in Nigeria,” he said.

Managing Director of Fidson Healthcare Plc, Mr. Biola Adebayo, said BoI’s support has been instrumental in the company’s growth.

According to him, Fidson’s workforce has expanded from about 250 employees in 2010 to approximately 1,800 employees today, while the financing also enabled investments in green manufacturing and environmentally friendly production processes.