The Central Bank of Nigeria has advised Nigerians to stop abusing the naira, warning that poor handling of the banknotes increases the cost of printing and replacing them.
The Deputy Governor, Operations Directorate, Bala Bello, warned on Wednesday during the launch of a nationwide sensitisation campaign on proper naira handling, held in Abuja.
The campaign, themed “Naira Our Pride: Handle with Care,” was aimed at instilling respect for the naira and encouraging behavioural change.
While delivering the keynote address, Bello, represented by the Director of Currency Operations and Branch Management Department, Adedeji Adetona, stressed that the naira was more than just a medium of exchange.
“The naira is more than a means of payment. It represents our national pride, our sovereignty, and our shared destiny as a people. Unfortunately, careless practices—folding, tearing, spraying at social events, writing on notes, and outright mutilation—undermine the dignity of our national symbol and increase the costs of maintaining it,” Bello said.
“If we do not act today, poor handling of our notes will continue to raise the cost of printing and replacement, cause frustration in everyday transactions, and weaken confidence in our currency,” he added.
The deputy governor also warned against cash hoarding, particularly as the festive season approaches. “Cash hoarding harms us all. It denies others access to cash, disrupts circulation, and puts undue strain on the system. I therefore call on stakeholders to encourage responsible cash use, promote alternative payment platforms, and help curb hoarding,” Bello urged.
According to him, if Nigerians handled their notes properly, the lifespan of the naira would be extended, avoidable costs would be reduced, and the currency’s symbolic value preserved.
“Every stakeholder has a critical role to play. Banks must educate customers and ensure only fit notes are in circulation. Market operators and transporters must discourage rejection or abuse of naira notes. The media and civil society must amplify this message, while every citizen must see themselves as custodians of the naira,” he explained.
In his welcome address, Adetona, represented by Deputy Director, Kazeem Olatinwo, said the campaign was not only about clean notes but also about building public confidence in the financial system.
“As we approach the yuletide, the Bank has made sufficient arrangements to ensure an adequate supply of banknotes nationwide. What is needed is proper handling to keep our notes clean and fit for use,” he said.
Also speaking, the Acting Director of Corporate Communications, Hakama Sidi-Ali, reminded Nigerians that issuing legal tender and ensuring the availability of clean notes are core mandates of the CBN under Sections 17, 18, and 19 of the CBN Act 2007.
She emphasised the need for citizens to take ownership of protecting the naira, stressing that the task cannot be accomplished by the apex bank alone.
“The CBN is committed to enhancing Nigeria’s payment system while protecting consumer rights. Citizens must embrace alternative payment platforms to reduce pressure on cash,” she said.
Data from the CBN’s 2024 financial report highlighted the cost implications of poor currency handling.
The bank spent ₦315.18bn on currency issue expenses in 2024, a staggering 306 per cent increase from the ₦77.67bn spent in 2023.