The Central Bank of Nigeria (CBN) has warned that the abuse and poor handling of naira banknotes are driving up the cost of printing and replacing them, with expenses skyrocketing to ₦315.18 billion in 2024—more than three times the ₦77.67 billion spent in 2023.
The warning came on Wednesday in Abuja during the launch of a nationwide sensitisation campaign on proper naira handling, themed “Naira Our Pride: Handle with Care.”
Delivering the keynote address, Deputy Governor of the Operations Directorate, Dr. Bala Bello, represented by the Director of Currency Operations, Dr. Adedeji Adetona, said the naira is more than just a medium of exchange, describing it as a national symbol that must be respected.
“The naira 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 its dignity and increase the cost of maintaining it,” Bello said.
He cautioned that unless corrective measures are taken, Nigerians will continue to bear the heavy financial consequences of note replacement and printing.
The CBN said the campaign seeks to instill respect for the naira and encourage behavioural change, calling on banks, traders, transport unions, schools, civil society, religious groups, and the media to join the effort.
Bello also warned against cash hoarding, especially as the festive season approaches, urging Nigerians to embrace alternative payment platforms to reduce pressure on cash circulation.
Acting Director of Corporate Communications, Hakama Sidi-Ali, reminded Nigerians that issuing legal tender and ensuring the availability of clean notes are core mandates of the CBN under Sections 17, 18, and 19 of the CBN Act 2007.
She stressed that the apex bank cannot succeed alone:
“Citizens must take ownership of protecting the naira. The CBN is committed to enhancing Nigeria’s payment system while protecting consumer rights, but collective responsibility is key.”
According to the CBN’s 2024 financial report, the ballooning cost of currency management covers printing, processing, distribution, and disposal of banknotes. Analysts have linked the sharp rise to the printing of redesigned notes, logistics, and destruction of damaged currency.
The sensitisation campaign will run across all 36 states and grassroots communities to foster collective responsibility, reduce costs, and preserve the naira as both a financial instrument and a national symbol of unity.
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