The Central Bank of Nigeria (CBN) has sounded a serious warning to Nigerians over the continued abuse of the naira, revealing that poor handling of banknotes is pushing the country’s currency management costs to unsustainable levels.
Speaking at the official launch of a nationwide public awareness campaign in Abuja on Wednesday, the CBN’s Deputy Governor of Operations, Bala Bello, stressed the urgent need for citizens to treat the naira with respect. The campaign, tagged “Naira Our Pride: Handle with Care,” is aimed at encouraging responsible behavior and restoring the symbolic value of the national currency.
Represented by Adedeji Adetona, Director of Currency Operations and Branch Management, Bello emphasized that the naira is more than just a legal tender, it is a representation of Nigeria’s identity and sovereignty.
“The naira stands as a symbol of our national pride and collective destiny. Unfortunately, widespread abuse such as folding, tearing, spraying at events, writing on banknotes, and general mutilation undermines this symbol and inflates the cost of maintaining the currency,” he stated.
In a startling revelation, the CBN disclosed that it spent ₦315.18 billion on currency issuance in 2024 alone, a massive leap from ₦77.67 billion in 2023. This represents a 306% increase, largely attributed to the constant need to replace damaged or defaced notes.
Bello warned that without immediate behavioral change, the cost of printing and replacing naira notes will continue to rise, causing strain on national resources and reducing trust in the currency.
The deputy governor also condemned the growing trend of cash hoarding, particularly as the end-of-year festive period approaches. According to him, hoarding disrupts currency circulation, creates scarcity, and places unnecessary stress on the financial system.
“Cash hoarding hurts everyone. It limits access, affects transactions, and damages economic fluidity. We’re urging all stakeholders to promote responsible use of cash and support alternative digital payment options,” he said.
Everyone Has a Role to Play
The CBN is calling on all sectors of society to support the campaign:
- Banks must ensure only clean and fit notes are dispensed and circulated.
- Traders and transport workers should stop rejecting slightly worn notes and discourage abuse.
- Media and civil society are tasked with amplifying the message.
- Every Nigerian citizen is urged to take personal responsibility in preserving the naira’s dignity.
Adetona, who delivered the welcome address, stressed that the campaign goes beyond aesthetics. He said it is also about rebuilding trust in Nigeria’s financial system, especially as demand for physical cash increases during festive periods.
“The CBN has already made adequate preparations to ensure sufficient cash supply nationwide during the holidays. Now we must ensure the notes remain clean, safe, and usable,” he added.
Speaking further, Acting Director of Corporate Communications, Hakama Sidi-Ali, reminded Nigerians that the issuance and maintenance of legal tender is part of the CBN’s constitutional mandate under Sections 17, 18, and 19 of the CBN Act, 2007.
She emphasized that currency management is a shared responsibility and cannot be left to the apex bank alone.
“The CBN is committed to modernizing Nigeria’s payment system and protecting consumers. But citizens must also embrace digital alternatives to ease pressure on cash,” she stated.
About the Author
