The Central Bank of Nigeria (CBN) has expressed concern over the growing cost of printing and replacing naira notes, blaming widespread abuse of the currency for worsening the burden on the financial system.
Speaking in Abuja on Wednesday, September 24, at the launch of a sensitisation campaign tagged “Naira Our Pride: Handle with Care”, Deputy Governor of Operations, Dr. Bala Bello, represented by Dr. Adedeji Adetona, said careless practices such as folding, spraying at events, writing on, and mutilating banknotes were undermining the naira’s dignity and symbolic value.
“If we do not act today, poor handling of our notes will continue to raise the cost of printing and replacement, cause frustration in transactions, and weaken confidence in our currency,” he warned.
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Bello called for collaboration from banks, traders, transport unions, schools, civil society, religious groups, and the media to protect the naira, stressing that careful handling would extend its lifespan and save the country billions.
The CBN also cautioned against hoarding cash ahead of the festive season, urging Nigerians to embrace alternative payment platforms.
Recent figures show the apex bank spent ₦315.18bn on currency management in 2024, a sharp rise from ₦77.67bn in 2023.