The Central Bank of Nigeria (CBN) has warned that the abuse and mishandling of the naira are significantly inflating the cost of printing and replacing banknotes. The caution came on Wednesday in Abuja during the launch of a nationwide sensitisation campaign on proper naira handling.
Delivering a keynote address, 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 more than just a means of exchange. “The naira is not only a medium of payment. It embodies our national pride, sovereignty, and collective identity. Sadly, practices such as folding, tearing, writing on, spraying at events, and outright mutilation of notes undermine this symbol while raising the cost of keeping our currency in circulation,” he said.
Bello cautioned that unless corrective action is taken, Nigerians will continue to shoulder the financial burden. “If we fail to act, poor note handling will persist, increasing replacement costs, disrupting daily transactions, and eroding confidence in our currency,” he warned.
The campaign, themed “Naira Our Pride: Handle with Care,” aims to instill respect for the naira and encourage behavioural change. Bello stressed that the CBN cannot succeed alone, urging collaboration across the banking sector, traders, transport operators, schools, religious institutions, civil society, and the media. According to him, banks must educate customers and ensure only clean notes circulate, while transporters and traders should discourage abuse or rejection of currency. He also called on citizens to regard themselves as custodians of the naira.
The deputy governor further warned against cash hoarding, especially as the festive season approaches. “Hoarding cash denies others access, disrupts circulation, and strains the financial system. I urge all stakeholders to promote responsible cash usage, adopt digital payment platforms, and discourage hoarding,” he said. Proper handling, he added, would extend the lifespan of the naira, cut unnecessary costs, and safeguard its symbolic value.
In his welcome remarks, Adetona,represented by Deputy Director Kazeem Olatinwo,said the campaign goes beyond promoting clean notes; it also seeks to build confidence in the financial system. He assured Nigerians that adequate cash supply has been arranged for the yuletide season but stressed that maintaining clean notes requires responsible handling.
Acting Director of Corporate Communications, Hakama Sidi-Ali, also underscored the CBN’s responsibility under the CBN Act 2007 to issue legal tender and ensure clean notes remain available. She stressed that protecting the naira is a collective responsibility and urged citizens to adopt electronic payment options to ease pressure on cash.
Recent data underscores the urgency. The CBN’s 2024 financial report revealed that the Bank spent ₦315.18 billion on currency issue expenses in 2024, up from ₦77.67 billion in 2023,a staggering 306 percent increase. These expenses cover printing, processing, distribution, and destruction of unfit notes. Analysts attribute the sharp rise to the redesign project, logistics, and the disposal of damaged currency.
The sensitisation campaign will extend to all 36 states and grassroots communities nationwide. By promoting collective responsibility, the CBN hopes to reduce careless practices, rein in spiraling costs, and preserve the naira as both a financial tool and a symbol of national unity.
