By Atoyebi Nike
The Central Bank of Nigeria (CBN) has raised alarm over the rising cost of printing and replacing naira notes due to careless handling by citizens.
Speaking at the flag-off of a nationwide sensitisation campaign in Abuja, Deputy Governor of Operations, Dr. Bala Bello represented by Dr. Adedeji Adetona, Director of Currency Operations said the naira is not only a means of payment but also a symbol of national pride.
“Folding, tearing, spraying at social events, writing on notes, and outright mutilation undermine the dignity of our currency and increase the cost of maintaining it,” Bello warned.
He cautioned that continued abuse will further burden the economy, frustrate transactions, and weaken confidence in the naira. The campaign, themed “Naira Our Pride: Handle with Care,” seeks to instill behavioural change nationwide, with the CBN calling on banks, traders, schools, civil society, transport unions, and the media to support the effort.
Bello also warned against hoarding cash ahead of the festive season, stressing that it disrupts circulation and strains the financial system.
In 2024, The PUNCH reported that the apex bank spent N315.18bn on currency issue expenses an over 300 per cent increase from N77.67bn in 2023 largely due to printing, distribution, and disposal of banknotes.
