The Central Bank of Nigeria (CBN) has expressed concern that the poor handling and abuse of naira notes are significantly driving up the cost of printing and replacing the currency.

The warning was issued on Wednesday in Abuja during the official launch of a nationwide sensitisation campaign on proper naira handling.

Delivering the keynote address, the Deputy Governor of Operations, Dr. Bala Bello—represented by the Director of Currency Operations and Branch Management Department, Dr. Adedeji Adetona—emphasised that the naira carries symbolic importance beyond its role as a medium of exchange.

“The naira is more than just a means of payment. It reflects our national identity, sovereignty, and collective destiny. Sadly, practices such as folding, tearing, spraying at parties, writing on notes, and outright mutilation diminish its dignity while raising the cost of maintaining it,” Bello said.

He cautioned that continued abuse of the currency would have financial implications for Nigerians.

“If we fail to act, careless handling of naira notes will keep increasing printing and replacement costs, frustrate transactions, and weaken confidence in our currency,” he added.

The sensitisation campaign, themed “Naira Our Pride: Handle with Care,” is designed to promote respect for the naira and encourage behavioural change. Bello called for collective effort from banks, traders, transport unions, schools, civil society, religious institutions, and the media to ensure its success.

He also urged Nigerians to avoid hoarding cash, especially as the festive season approaches.

“Hoarding harms everyone by limiting access to cash, disrupting circulation, and putting pressure on the system. Stakeholders must promote responsible cash use, encourage electronic payment platforms, and discourage hoarding,” he said.

According to him, proper handling of banknotes will extend their lifespan, reduce unnecessary expenses, and preserve the symbolic value of the naira.

In his welcome remarks, Adetona—represented by Deputy Director Mr. Kazeem Olatinwo—noted that the campaign is about more than clean notes, stressing that it is also meant to strengthen public confidence in Nigeria’s financial system.

He assured Nigerians that adequate arrangements have been made to ensure sufficient supply of banknotes nationwide during the yuletide, urging citizens to handle them responsibly.

The Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, also highlighted the CBN’s legal responsibility to issue currency and ensure its availability under the CBN Act 2007.

She stressed the importance of citizen participation in safeguarding the naira, saying:

“The Bank remains committed to improving the payment system and protecting consumer rights, but Nigerians must also embrace digital payment channels to ease pressure on cash.”

Data from the CBN’s 2024 financial report showed that the apex bank spent N315.18 billion on currency issuance in 2024—a sharp 306 per cent rise compared to N77.67 billion in 2023. These expenses covered printing, processing, distribution, and disposal of notes, with analysts attributing the surge to the printing of redesigned notes, logistics, and the destruction of unfit currency.

The CBN announced that the campaign will cover all 36 states and rural communities across the country. The Bank hopes that by fostering shared responsibility, it can reduce the spiralling costs of maintaining the naira and protect it as both a financial instrument and a national symbol of pride.