The Central Bank of Nigeria (CBN) has raised concerns over the increasing costs of printing and replacing naira banknotes due to widespread abuse and poor handling. The warning was issued during the launch of a nationwide sensitisation campaign themed “Naira Our Pride: Handle with Care” in Abuja on Wednesday.
Deputy Governor, Operations Directorate, Dr Bala Bello, speaking through Dr Adedeji Adetona, Director of Currency Operations and Branch Management, stressed that the naira is more than just a means of payment, it embodies Nigeria’s national pride and sovereignty.
He criticised careless behaviours such as folding, tearing, writing on notes, spraying notes at social events, and mutilation, all of which degrade the currency and escalate replacement costs.
Dr Bello cautioned that without corrective action, Nigerians would continue to face financial losses, transaction frustrations, and a decline in confidence in the naira.
The campaign aims to promote respect for the naira and foster behavioural change among all Nigerians. Dr Bello called for collaboration from banks, traders, transport unions, schools, civil society, religious groups, and the media to safeguard the currency. He highlighted the role of banks in ensuring only fit notes circulate, the responsibility of market operators and transporters to discourage note abuse, and the need for citizens to act as custodians of the naira.
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He also warned against cash hoarding, especially as the festive season approaches, noting that it disrupts cash circulation and strains the financial system. Bello encouraged stakeholders to promote responsible cash use and alternative payment platforms.
Representing the CBN, Dr Adedeji Adetona assured the public of adequate banknote supply for the yuletide, urging proper handling to keep notes clean and fit. Hakama Sidi-Ali, Acting Director of Corporate Communications, reiterated that issuing legal tender and ensuring clean notes are key mandates under the CBN Act 2007. She urged Nigerians to adopt digital payment methods to ease pressure on cash.
The CBN’s 2024 financial report revealed a sharp increase in currency issue expenses, rising by 306 per cent to ₦315.18 billion from ₦77.67 billion in 2023. These expenses cover printing, processing, distribution, and disposal of notes, with the rise linked to printing new notes, redistribution logistics, and destruction of damaged currency.
The sensitisation campaign will be rolled out across all 36 states and grassroots communities to foster collective responsibility, reduce costs, and preserve the naira’s role as both a financial instrument and a symbol of national unity.
