Naira Abuse Drives Up Printing Costs: CBN Launches Nationwide “Handle with Care” Campaign
The Central Bank of Nigeria (CBN) has sounded the alarm over the rising costs of printing and replacing naira notes, attributing the surge to widespread abuse and poor handling of the currency. The warning was issued during the launch of a nationwide sensitisation campaign in Abuja on Wednesday, aimed at encouraging Nigerians to treat the naira with respect.
Delivering a keynote address, Deputy Governor for Operations, Dr. Bala Bello, represented by Dr. Adedeji Adetona, highlighted that the naira is more than a medium of exchange—it is a symbol of national pride and sovereignty. Bello noted that common practices such as folding, tearing, spraying notes at social events, writing on them, or outright mutilation not only disrespect the national currency but also inflate maintenance costs. “Careless handling undermines the dignity of our national symbol and increases the costs of maintaining it,” he said.
The campaign, themed “Naira Our Pride: Handle with Care,” seeks to instill better habits in Nigerians while fostering collaboration among stakeholders, including banks, market traders, transport unions, schools, religious groups, and the media. Bello emphasized that proper cash handling can extend the lifespan of notes, reduce avoidable expenses, and strengthen public confidence in the financial system. He also cautioned against cash hoarding, particularly ahead of the festive season, urging citizens to adopt responsible cash use and alternative payment methods.
CBN officials revealed the financial impact of poor note handling. According to the bank’s 2024 financial report, currency issue expenses soared to ₦315.18 billion, a 306% increase from ₦77.67 billion in 2023. These costs cover printing, distribution, processing, and disposal of damaged notes, reflecting both operational strain and the consequences of careless usage. Analysts attribute the sharp rise to increased printing of new notes, redistribution logistics, and destruction of mutilated currency.
The sensitisation campaign will extend across all 36 states and local communities, aiming for widespread adoption of proper naira handling practices. As Acting Director of Corporate Communications Hakama Sidi-Ali noted, the task cannot be achieved by the CBN alone; it requires collective responsibility from all Nigerians to protect the naira while embracing modern payment platforms. The bank hopes that by fostering care and respect for the currency, it can curb costs, ensure smooth circulation, and preserve the naira as a symbol of unity.
source: punch