The Central Bank of Nigeria (CBN) has raised concerns that abuse of the Naira is driving up the cost of printing and replacing the banknotes.
At the flag-off of a nationwide sensitisation campaign on proper Naira handling, held in Abuja on Wednesday, the Deputy Governor for Operations Directorate, Dr. Bala Bello, said: ‘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 even outright mutilation undermine the dignity of our national symbol and increase the costs of maintaining it’.
Represented by the Director of Currency Operations and Branch Management, Dr. Adedeji Adetona, Bello warned that, if corrective measures are not taken, Nigerians would continue to bear the consequences.
‘If we do not act today, poor handling of our notes will continue to raise the cost of printing and replacement of the currency, cause frustration in everyday transactions, and weaken confidence in our national currency’, he added.
The campaign, themed ‘Naira Our Pride: Handle with Care’, is aimed at changing behaviours and instilling respect for the national currency.
The Deputy Governor stressed that the CBN could not achieve this goal alone and called for the collaboration of banks, transport unions, traders, schools, civil society, religious organisations, and the media.
‘Every stakeholder has a critical role to play. Banks must continue to educate customers and ensure fit notes are always in circulation. Markets and transport operators must help discourage the rejection or abuse of Naira notes, the media and civil society must amplify the campaign and take the message into every household, while all Nigerian citizens must see themselves as custodians of the Naira. This is how we will move from sensitisation to true behavioural change’, he said.
Bello also cautioned against hoarding cash, particularly as the festive season draws closer.
‘As the yuletide season approaches, I must also emphasise that cash hoarding harms us all. It denies others access to cash, disrupts circulation, and puts undue strain on the system. Here again, collaboration is important. I therefore call on all stakeholders to encourage responsible cash use, promote alternative payment platforms, and help curb hoarding practices’, he said.
He explained that if Nigerians handled their notes with care, the lifespan of the currency would be extended, avoidable costs would be reduced, and the Naira’s position as a symbol of unity and pride would be preserved.
The sensitisation exercise, he said, would reach every state and community across the country.
The Director of Currency Operations and Branch Management, Dr. Adedeji Adetona, who was represented by his deputy, Mr. Kazeem Olatinwo, said that the campaign was not only about clean notes but also about national pride and public confidence in the financial system.
He assured that adequate arrangements have been made to ensure a sufficient supply of banknotes during the upcoming festive season.
‘As we approach the Yuletide, the bank has made sufficient arrangements to ensure an adequate supply of banknotes to meet demand nationwide. What is needed is proper handling to keep our notes clean and fit for use’, he said.
Also, the Acting Director of the Corporate Communications, Hakama Sidi-Ali said that issuing legal tender currency 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 called on citizens to take ownership of efforts to protect and preserve the integrity of the Naira, stressing that it is not a task the apex bank can achieve alone.
According to her, the apex bank remains committed to enhancing Nigeria’s payment system while also protecting consumer rights.
She encouraged citizens to embrace alternative payment platforms to reduce pressure on cash usage.
According to a report in last May by The PUNCH, CBN spent N315.18 billion on currency issue expenses in 2024, marking an increase of 306% compared to N77.67 billion the previous year.
Currency issue expenses cover the printing, processing, distribution, and disposal of banknotes.
The over 300% rise in currency expenses is likely due to the massive printing of new notes, the logistics of redistributing cash across the country, and the destruction of old and damaged banknotes.
