Photo File: Naira notes

The Central Bank of Nigeria has urged Nigerians to desist from mishandling the naira, warning that improper treatment of the currency contributes to the rising cost of printing and replacement.

Deputy Governor, Operations Directorate, Dr. Bala Bello, gave the warning on Wednesday during the flag-off of a nationwide sensitisation campaign on proper handling of the naira, held in Abuja.

The campaign, tagged “Naira Our Pride: Handle with Care,” is aimed at promoting respect for the naira and encouraging behavioural change among citizens.

Delivering the keynote address, Dr. Bello represented by the Director, Currency Operations and Branch Management Department, Dr. Adedeji Adetona said the naira goes beyond being a mere means of transaction.

“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 outright mutilation undermine the dignity of our national symbol and increase the costs of maintaining it,” he stated.

He further warned that if urgent steps are not taken, mishandling of the notes would continue to drive up production costs, frustrate daily transactions, and reduce public confidence in the currency.

“If we do not act today, poor handling of our notes will continue to raise the cost of printing and replacement, cause frustration in everyday transactions, and weaken confidence in our currency,” he added.

The deputy governor also cautioned against cash hoarding, especially with the festive season fast approaching.

“Cash hoarding harms us all. It denies others access to cash, disrupts circulation, and puts undue strain on the system. I therefore call on stakeholders to encourage responsible cash use, promote alternative payment platforms, and help curb hoarding,” he said.

Dr. Bello explained that if Nigerians adopt proper handling practices, the lifespan of the naira will be extended, operational costs will reduce, and the symbolic value of the currency will be preserved.

“Every stakeholder has a critical role to play. Banks must educate customers and ensure only fit notes are in circulation. Market operators and transporters must discourage rejection or abuse of naira notes. The media and civil society must amplify this message, while every citizen must see themselves as custodians of the naira,” he noted.

In his welcome remarks, Adetona, represented by Deputy Director, Kazeem Olatinwo, said the initiative was not just about ensuring clean notes but also about strengthening public trust in the financial system.

“As we approach the yuletide, the Bank has made sufficient arrangements to ensure an adequate supply of banknotes nationwide. What is needed is proper handling to keep our notes clean and fit for use,” he said.

Also speaking, Acting Director of Corporate Communications, Hakama Sidi-Ali, reminded Nigerians that the issuance of legal tender and the availability of clean notes remain part of the core mandates of the CBN under Sections 17, 18, and 19 of the CBN Act, 2007.

She stressed the importance of collective responsibility in safeguarding the naira, noting that the apex bank cannot achieve the task alone.

“The CBN is committed to enhancing Nigeria’s payment system while protecting consumer rights. Citizens must embrace alternative payment platforms to reduce pressure on cash,” said.

According to data from the CBN’s 2024 financial report, poor handling of the naira has had significant financial implications.

The report revealed that the Bank spent ₦315.18bn on currency issue expenses in 2024, representing a 306 per cent increase from the ₦77.67bn recorded in 2023.