Thursday, September 25, 2025 - The Central Bank of Nigeria (CBN) has raised alarm over the rising costs of printing and replacing banknotes, warning that widespread abuse of the naira is worsening the burden on the financial system.
The concern was voiced on Wednesday, September 24, at the
launch of a nationwide sensitisation campaign on proper naira handling in
Abuja. Speaking on behalf of Deputy Governor of the Operations Directorate, Dr
Bala Bello, the Director of Currency Operations and Branch Management
Department, Dr Adedeji Adetona, said careless practices were damaging the
currency and undermining its symbolic value.
“The Naira is more than a means of payment. It represents
our national pride, our sovereignty, and our shared destiny as a people.
Unfortunately, careless practices such as folding, tearing, spraying at social
events, writing on notes, and even outright mutilation undermine the dignity of
our national symbol and increase the costs of maintaining it,” Bello said.
He warned that failure to address the problem would mean
Nigerians continue to bear the consequences. “If we do not act today, poor
handling of our notes will continue to raise the cost of printing and
replacement of the currency, cause frustration in everyday transactions, and
weaken confidence in our national currency,” he added.
The campaign, titled Naira Our Pride: Handle with Care, is
aimed at shifting public behaviour and encouraging respect for the national
currency. Bello stressed that the CBN cannot achieve this goal alone and called
for collaboration from banks, transport unions, traders, schools, civil
society, religious groups, and the media.
“Every stakeholder has a critical role to play. Banks must
continue to educate customers and ensure fit notes are always in circulation.
Markets and transport operators must help discourage the rejection or abuse of
Naira notes, the media and civil society must amplify the campaign and take the
message into every household, while all Nigerian citizens must see themselves
as custodians of the Naira,” he said.
He also cautioned against hoarding cash, especially with the
festive season approaching. “Cash hoarding harms us all. It denies others
access to cash, disrupts circulation, and puts undue strain on the system.
Collaboration is important. I therefore call on all stakeholders to encourage
responsible cash use, promote alternative payment platforms, and help curb
hoarding practices,” he urged.
Bello emphasized that careful handling would extend the
lifespan of banknotes, reduce unnecessary expenses, and preserve the naira’s
role as a unifying national symbol. He added that the sensitization campaign
would be extended to every state and community across Nigeria.
Delivering a welcome address, Dr Adedeji
Adetona, represented by Deputy Director Kazeem Olatinwo, said the
campaign was not only about clean notes but also about national pride and
confidence in the financial system. He assured citizens that adequate measures
had been taken to ensure sufficient cash supply during the upcoming yuletide.
“As we approach the festive period, the Bank has made
sufficient arrangements to ensure an adequate supply of banknotes to meet
demand nationwide. What is needed is proper handling to keep our notes clean
and fit for use,” he said.
lso speaking, Acting Director of the Corporate
Communications Department, Hakama Sidi Ali, reminded Nigerians that issuing
legal tender and ensuring the circulation of clean notes are core mandates of
the CBN under the CBN Act 2007. She urged citizens to take ownership of efforts
to protect the integrity of the naira and encouraged wider use of alternative
payment platforms to ease pressure on physical cash.
The warning comes against the backdrop of rising currency
management costs. Earlier this year, The PUNCH reported that the CBN spent
₦315.18bn on currency issue expenses in 2024, a more than 300 percent increase
from ₦77.67bn in 2023. These expenses cover the printing, processing,
distribution, and disposal of banknotes. Analysts attributed the sharp rise to
the large scale printing of new notes, the logistics of nationwide
distribution, and the destruction of old and damaged bills.
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