The Central Bank of Nigeria (CBN) has expressed serious concern over the growing abuse and mishandling of naira notes, warning that such practices are significantly driving up the cost of printing and replacing currency.
This warning came on Wednesday in Abuja during the launch of a nationwide sensitisation campaign titled “Naira Our Pride: Handle with Care.”
Delivering the keynote address, CBN’s Deputy Governor, Operations Directorate, Dr. Bala Bello—represented by the Director of Currency Operations and Branch Management, Dr. Adedeji Adetona—emphasised that the naira is not just a means of payment, but a symbol of national identity and pride.
“The naira represents our sovereignty and shared destiny. Sadly, practices such as folding, tearing, spraying at events, writing on notes, and outright mutilation undermine its dignity and raise maintenance costs,” Bello stated.
He cautioned that failure to reverse these habits would continue to impose financial burdens on the country.
“If we don’t act now, poor naira handling will keep escalating printing and replacement costs, frustrate daily transactions, and weaken public confidence in the currency,” he warned.
The campaign aims to foster respect for the naira and drive behavioural change. Bello stressed that the CBN cannot tackle the issue alone and urged collaboration from banks, market traders, transport unions, schools, religious institutions, civil society, and the media.
“Every stakeholder has a role. Banks must ensure only clean notes circulate. Traders and transporters must reject naira abuse. Citizens must see themselves as protectors of the naira,” he added.
He also warned against cash hoarding, especially ahead of the festive season, noting it disrupts cash flow and puts pressure on the financial system. He urged Nigerians to use cash responsibly and embrace alternative payment methods to ease the strain.
In his welcome remarks, Dr. Adetona, represented by Deputy Director Mr. Kazeem Olatinwo, highlighted that the campaign is not just about cleaner notes, but also about boosting public trust in the financial system.
“As the festive season approaches, the Bank has made adequate provisions for cash supply. What’s needed is responsible handling to keep our notes fit for use,” he said.
Also speaking at the event, Acting Director of Corporate Communications, Hakama Sidi-Ali, reminded Nigerians that issuing legal tender and maintaining clean currency are core responsibilities of the CBN under Sections 17–19 of the CBN Act 2007.
“Protecting the naira is a collective responsibility. Citizens must support the Bank’s efforts by embracing digital payment platforms and treating currency with care,” she stated.
According to the CBN’s 2024 financial report, currency issue expenses reached ₦315.18 billion, a 306% increase from ₦77.67 billion in 2023. These costs cover printing, processing, distribution, and disposal of notes—expenses driven by currency abuse, logistics, and the destruction of damaged notes.
To combat this trend, the CBN announced that the awareness campaign will be extended across all 36 states and local communities, promoting nationwide adoption of proper currency handling.
The Bank hopes that by encouraging shared responsibility, the campaign will reduce the rising cost of naira maintenance and preserve its integrity as both a tool for transactions and a national symbol.
