The Central Bank of Nigeria (CBN) has cautioned that the continued abuse of the naira could significantly increase the cost of printing and replacing banknotes if urgent corrective measures are not taken.
The warning 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, CBN Deputy Governor, Operations Directorate, Dr. Bala Bello, represented by the Director of Currency Operations and Branch Management, Dr. Adedeji Adetona, stressed that careless practices such as folding, tearing, spraying at social functions, writing on notes, and outright mutilation diminish the dignity of the national currency.
“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,” Bello said.
He further warned that failure to address the problem would continue to burden Nigerians with higher costs of currency production, disrupt daily transactions, and erode confidence in the naira.
Call for Collaboration
The CBN noted that the success of the campaign depends on collaboration with banks, transport unions, traders, schools, civil society, religious organisations, and the media.
Dr. Adetona, represented by Deputy Director Mr. Kazeem Olatinwo, stressed that the initiative is not only about ensuring clean notes but also about restoring national pride and strengthening public confidence in the financial system.
Also, the Acting Director of Corporate Communications, Hakama Sidi-Ali, reminded citizens that issuing legal tender and ensuring the availability of clean notes are statutory responsibilities of the apex bank under Sections 17, 18, and 19 of the CBN Act, 2007. She urged Nigerians to take ownership of safeguarding the naira as a shared responsibility.
