The Central Bank of Nigeria (CBN) has launched a nationwide sensitisation campaign to tackle the rising cost of printing and replacing banknotes, blaming careless handling and abuse of the naira for soaring expenses.
Speaking at the campaign’s launch in Abuja, Deputy Governor of Operations, Dr Bala Bello, represented by Dr Adedeji Adetona, said Nigerians must treat the naira with respect as it symbolises the nation’s pride, sovereignty, and shared destiny.
Bello condemned common practices such as folding, tearing, spraying at social events, writing on notes, and outright mutilation. He warned that these habits not only undermine the currency’s dignity but also increase the cost of maintaining it. “If we do not act now, careless handling will continue to raise printing costs, frustrate daily transactions, and weaken public confidence in the naira,” he said.
The campaign, themed “Naira Our Pride: Handle with Care”, calls on banks, transport operators, markets, schools, civil society, religious bodies, and the media to support efforts to protect the currency. Bello urged banks to educate customers and keep fit notes in circulation, while market operators and transport workers must discourage abuse and rejection of the naira.
He also warned against cash hoarding, especially as the festive season approaches, stressing that hoarding disrupts circulation and puts pressure on the financial system. He advised citizens to adopt alternative payment platforms and promote responsible cash usage.
The CBN assured Nigerians that it had made adequate arrangements to supply banknotes nationwide during the festive period. Proper handling, Bello said, would extend the lifespan of banknotes, cut avoidable costs, and preserve the naira’s value as a national symbol.
CBN data shows that currency issuance expenses jumped by over 300 per cent to ₦315.18 billion in 2024 from ₦77.67 billion in 2023, due to large-scale printing of new notes, nationwide distribution, and disposal of damaged banknotes.