Naira misuse raises printing expenses — CBN alerts

The Central Bank of Nigeria (CBN) has issued a warning that the ongoing misuse of the naira is escalating the costs associated with printing and replacing banknotes.

This alert was made during the launch of a nationwide awareness campaign about the proper handling of the naira, titled “Naira Our Pride: Handle with Care,” in Abuja on Wednesday.

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Dr. Adedeji Adetona, the Director of Currency Operations and Branch Management, spoke on behalf of Dr. Bala Bello, the Deputy Governor of Operations Directorate. He emphasized that the naira is not merely a medium of exchange but a representation of national pride and sovereignty.

He criticized careless habits such as folding, tearing, spraying at events, writing on notes, and outright mutilation, stating that these actions degrade the naira’s dignity and escalate maintenance costs.

“If we do not take action now, poor treatment of our notes will persist, increasing printing and replacement costs, complicating everyday transactions, and eroding confidence in our national currency,” he cautioned.

Bello called for cooperation among banks, merchants, transport unions, schools, civil society, religious organizations, and the media to combat naira misuse and promote appropriate circulation. He also warned against cash hoarding, especially with the festive season approaching, as it disrupts circulation and places stress on the financial system.

He concluded that proper handling of banknotes can extend their lifespan, minimize unnecessary expenses, and uphold the naira’s image as a symbol of unity and pride.