The Central Bank of Nigeria (CBN) has expressed concern over the rising costs of printing and replacing naira banknotes due to widespread mishandling and abuse. The alert was issued during the launch of a nationwide campaign titled “Naira Our Pride: Handle with Care” in Abuja on September 24, 2025, aimed at promoting responsible handling of the national currency.
Dr. Bala Bello, Deputy Governor of the CBN’s Operations Directorate, represented by Dr. Adedeji Adetona, Director of Currency Operations and Branch Management, emphasized that the naira is not merely a transactional tool but a symbol of Nigeria’s national identity and sovereignty. “Practices such as folding, tearing, writing on, spraying at events, and mutilating naira notes diminish its value and inflate the costs of maintaining our currency,” Bello stated. He warned that without immediate action, these habits would continue to burden Nigerians with higher financial costs.
The campaign seeks to foster respect for the naira and encourage behavioral changes across society. Bello called for collaboration among banks, traders, transport unions, schools, religious groups, civil society, and the media to achieve its goals. “Banks must ensure only fit notes circulate and educate customers, while market operators and transporters should reject practices that damage the naira. Every citizen must act as a custodian of our currency,” he urged.
Bello also highlighted the issue of cash hoarding, particularly ahead of the festive season, noting that it restricts cash access, disrupts circulation, and strains the financial system. He advocated for responsible cash use and the adoption of alternative payment platforms to ease pressure on physical currency.
In his remarks, Dr. Adetona, represented by Deputy Director Kazeem Olatinwo, stressed that the campaign aims to build public confidence in Nigeria’s financial system beyond just maintaining clean notes. “With the yuletide approaching, the CBN has ensured an adequate supply of banknotes nationwide. Proper handling is essential to keep them fit for use,” he said.
Hakama Sidi-Ali, Acting Director of Corporate Communications, underscored the CBN’s mandate under Sections 17, 18, and 19 of the CBN Act 2007 to issue legal tender and ensure clean notes are available. She urged citizens to embrace digital payment systems to reduce reliance on cash and protect the naira’s integrity, emphasizing that this responsibility lies with all Nigerians, not just the CBN.
The CBN’s 2024 financial report revealed the severe cost implications of poor currency handling, with currency issue expenses soaring to N315.18 billion, a 306% increase from N77.67 billion in 2023. Proper handling, the CBN noted, would extend the naira’s lifespan, reduce unnecessary costs, and preserve its symbolic value.
