The Central Bank of Nigeria (CBN) has raised fresh concerns that the abuse and mishandling of the naira are driving up the costs of printing and replacing banknotes, warning that the burden ultimately falls on Nigerians.
The caution was issued on Wednesday in Abuja at the launch of a nationwide sensitisation campaign on proper naira handling, themed “Naira Our Pride: Handle with Care.”
Speaking at the event, the Deputy Governor, Operations Directorate, Dr Bala Bello—represented by the Director of Currency Operations and Branch Management Department, Dr Adedeji Adetona—stressed that the naira is not just a means of payment but also a symbol of national identity.
“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,” Bello said.
He warned that failure to change behaviours would lead to continued high replacement costs, inconvenience in daily transactions, and reduced confidence in the national currency.
According to Bello, the sensitisation campaign is designed to encourage collective responsibility. He called on banks, transport unions, traders, schools, religious organisations, civil society, and the media to support the initiative.
“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, while the media and civil society must amplify the campaign and take the message into every household,” he added.
The deputy governor also cautioned against hoarding cash, especially as the festive season approaches, noting that it disrupts circulation and puts unnecessary pressure on the financial system.
Dr Adetona, in his welcome address, explained that the exercise was not only about ensuring clean notes but also about reinforcing national pride and trust in the financial system.
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He assured Nigerians that sufficient banknotes would be available during the festive period.
Similarly, Acting Director of Corporate Communications, Hakama Sidi-Ali, reminded citizens that issuing legal tender and maintaining clean notes are core mandates of the CBN under the CBN Act of 2007. She urged Nigerians to support the Bank’s efforts and embrace alternative payment platforms to reduce pressure on cash.
The campaign comes against the backdrop of a steep rise in the CBN’s currency expenses.
According to reports, the apex bank spent N315.18bn on currency issuance in 2024, a sharp 306 per cent increase from the N77.67bn recorded in 2023. The costs covered printing, processing, distribution, and disposal of banknotes.
Officials attributed the surge to the large-scale printing of new notes, logistics of nationwide distribution, and disposal of old and damaged notes