The Central Bank of Nigeria (CBN) has warned that careless handling of naira notes is pushing up the cost of printing and replacement, with Nigerians ultimately bearing the burden.
The bank issued the warning on Wednesday in Abuja during the launch of a nationwide campaign on proper naira handling, themed “Naira Our Pride: Handle with Care.”
Deputy Governor of Operations, Dr Bala Bello, represented by Dr Adedeji Adetona, Director of Currency Operations, said the naira is not only a means of payment but also a symbol of national identity. He noted that folding, tearing, writing on notes, spraying at events, and outright mutilation damage the dignity of 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,” Bello said.
The CBN called for support from banks, traders, transport unions, schools, civil society, religious groups, and the media to help drive behavioural change. Bello also cautioned against cash hoarding, warning that it disrupts circulation, creates shortages, and places pressure on the system, especially during the festive season.
CBN’s 2024 financial report showed that the bank spent ₦315.18bn on currency issue expenses last year, a sharp increase of 306 percent from ₦77.67bn in 2023. The costs cover printing, processing, distribution, and disposal of banknotes. Analysts linked the surge to the redesign of notes, logistics, and destruction of damaged currency.
In his welcome remarks, Adetona, represented by Deputy Director Kazeem Olatinwo, stressed that the campaign also aims to boost confidence in the financial system. He assured that adequate cash supply has been arranged ahead of the yuletide but urged citizens to handle notes properly.
Acting Director of Corporate Communications, Hakama Sidi-Ali, added that issuing clean notes is a legal duty of the apex bank under the CBN Act 2007. She encouraged Nigerians to adopt electronic payment options to reduce pressure on physical cash.
The CBN said the campaign will extend across all 36 states and grassroots communities, with the goal of cutting costs, preserving the naira’s lifespan, and reinforcing its role as both a financial tool and a national symbol.
