The Central Bank of Nigeria has raised concerns that abuse of the naira is driving up the cost of printing and replacing banknotes
The warning came on Wednesday at the flag-off of a nationwide sensitisation campaign on proper naira handling, held in Abuja.
The Deputy Governor, Operations Directorate, Dr Bala Bello, was represented by Dr Adedeji Adetona, Director of Currency Operations and Branch Management Department, who delivered the speech on his behalf.
“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 even outright mutilation undermine the dignity of our national symbol and increase the costs of maintaining it,” Bello said.
He warned that if corrective measures are not taken, Nigerians will continue to bear the consequences.
“If we do not act today, poor handling of our notes will continue to raise the cost of printing and replacement of the currency, cause frustration in everyday transactions, and weaken confidence in our national currency,” he added.
The campaign, themed “Naira Our Pride: Handle with Care”, is aimed at changing behaviours and instilling respect for the national currency.
The Deputy Governor stressed that the CBN cannot achieve this goal alone and called for the collaboration of banks, transport unions, traders, schools, civil society, religious organisations, and the media.
“Every stakeholder has a critical role to play. Banks must continue to educate customers and ensure fit notes are always in circulation. Markets and transport operators must help discourage the rejection or abuse of Naira notes, the media and civil society must amplify the campaign and take the message into every household, while all Nigerian citizens must see themselves as custodians of the Naira. This is how we will move from sensitisation to true behavioural change,” he said.
Bello also cautioned against hoarding cash, particularly as the festive season draws closer.
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