The Central Bank of Nigeria (CBN) has raised concerns that the improper handling and abuse of the naira are significantly driving up the cost of printing and replacing banknotes.
The warning was issued on Wednesday during the launch of a nationwide campaign on proper naira management, held in Abuja. The campaign, themed “Naira Our Pride: Handle with Care”, aims to instill respect for the national currency and encourage responsible handling practices.
Speaking on behalf of the CBN Deputy Governor, Operations Directorate, Dr. Bala Bello, Dr. Adedeji Adetona, Director of Currency Operations and Branch Management, highlighted that careless practices—such as folding, tearing, writing on notes, spraying them at social events, and outright mutilation—undermine the dignity of the currency and increase maintenance costs.
“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 national currency,” Bello warned.
The Deputy Governor urged collaboration among banks, transport unions, traders, schools, civil society groups, religious organizations, and the media to drive behavioral change. “Every stakeholder has a critical role to play. Banks must educate customers and ensure fit notes are circulated, markets and transport operators should discourage note abuse, while media and civil society must amplify the campaign,” he added.
Bello also cautioned against cash hoarding, especially ahead of the festive season, stressing that it disrupts circulation and strains the financial system. He encouraged the use of alternative payment platforms to reduce pressure on cash demand.
The CBN emphasized that proper handling of naira notes would extend their lifespan, reduce avoidable costs, and preserve the currency’s role as a symbol of national unity and pride.
Dr. Adetona reiterated that the campaign is not just about clean notes but also about safeguarding public confidence in the financial system. He assured Nigerians that sufficient banknotes will be available nationwide during the yuletide season, provided proper handling practices are observed.
Hakama Sidi-Ali, Acting Director of Corporate Communications, also reminded citizens 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 encouraged citizens to take ownership of protecting the integrity of the naira.
Data from The PUNCH shows that the CBN spent N315.18 billion on currency issuance in 2024, a 306% increase from N77.67 billion in 2023, highlighting the financial impact of naira abuse.
