The Central Bank of Nigeria (CBN) has issued a strong warning about the rising abuse of the naira, emphasizing that this is significantly driving up the cost of printing and replacing banknotes. This warning was made during the launch of a nationwide sensitisation campaign in Abuja, aimed at encouraging Nigerians to handle the currency with care and respect.
Dr. Bala Bello, the Deputy Governor of the Operations Directorate, expressed deep concern over the careless treatment of the naira, noting that common practices such as folding, tearing, spraying at social events, and outright mutilation are not just disrespectful to the national symbol, but also increasing the financial burden on the country. The CBN officials made it clear that such behaviors are damaging the currency’s dignity and placing an additional financial strain on the country’s economy.
“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 undermine the dignity of our national symbol and increase the costs of maintaining it,” said Dr. Bello, through his representative, Dr. Adedeji Adetona, Director of Currency Operations and Branch Management Department.
The campaign, aptly named “Naira Our Pride: Handle with Care,” is aimed at instilling a new culture of respect for the naira and changing the way it is treated by Nigerians across all sectors. The central bank has called for the collaboration of various stakeholders, including banks, transport unions, schools, traders, civil society organizations, religious bodies, and the media, to ensure that this message reaches every household in the country.
“We must all see ourselves as custodians of the Naira. Stakeholders like banks must educate customers and ensure fit notes are always in circulation, markets must discourage the rejection or abuse of Naira notes, and the media must amplify the campaign,” said Dr. Bello.
This nationwide effort to improve the treatment of currency notes comes amid a significant rise in the cost of currency production. In 2024, the CBN spent N315.18 billion on currency issue expenses, which marked a staggering increase of over 300% compared to N77.67 billion in 2023. This rise in expenses is attributed to the high cost of printing new notes and the logistics involved in circulating them across the country.
The CBN also warned against hoarding cash, particularly as the holiday season approaches. Dr. Bello highlighted that hoarding disrupts the normal cash flow in the economy and contributes to unnecessary financial strain. He urged Nigerians to embrace alternative payment systems, which would help ease the pressure on the financial system and promote a more efficient circulation of money.
“As the yuletide season approaches, we must emphasize that hoarding cash harms us all,” said Dr. Bello. “It denies others access to cash, disrupts circulation, and puts undue strain on the system.”
Furthermore, Dr. Adetona reassured Nigerians that the CBN had made adequate arrangements to ensure an ample supply of banknotes to meet the demands of the festive season. However, he reiterated the importance of proper handling to keep the notes clean and fit for use.
The CBN’s commitment to preserving the naira’s integrity is not only about maintaining its physical state but also about fostering a culture of national pride and respect for the country’s currency. As the central bank intensifies its efforts, it hopes to see behavioural change in how Nigerians interact with their money, leading to a more sustainable and efficient financial system.
As part of the broader initiative, the CBN’s Corporate Communications Department has also been advocating for the adoption of alternative payment platforms, aiming to reduce the pressure on cash usage and encourage more digital transactions.
