The Central Bank of Nigeria (CBN) has issued a fresh warning to Nigerians, particularly traders, over the careless handling of naira notes, stating that poor treatment of the currency increases the cost of replacing damaged cash. The apex bank made this call during a roadshow and public awareness campaign at Galadima Market in Kano on Monday, urging Nigerians to treat the naira with greater care, pride, and dignity.
CBN Official Explains Cost of Damaged Naira
Dr. Adedeji Adetona, Director of Currency Operations and Branch Management at the CBN, said the bank spends significant resources replacing notes that become dirty, soiled, spoiled, or mutilated. Adetona, who was represented by Ibrahim Yahya, Deputy Director of the Currency Operations Department, said Nigerians could help reduce the cost of replacing banknotes by handling cash properly.
He described the naira as a symbol of Nigeria’s sovereignty and national pride, urging members of the public to protect the currency during everyday transactions. “The key message is about proper handling of the naira. The naira is the symbol of our sovereignty. It is our national pride, and we need to handle the naira very carefully and effectively,” he said.
Extending Lifespan of Naira Notes
According to Adetona, keeping naira notes in better condition would extend their lifespan and reduce the amount of money required to replace damaged currency. “We believe that by handling the naira carefully, we are extending the lifespan of that naira and, by extension, saving a lot of money in terms of replacement of the naira,” he said.
The CBN official said traders were a major focus of the sensitisation campaign because markets are important centres for cash transactions. He noted that Kano is a major commercial hub where large volumes of cash change hands daily, making traders important partners in efforts to preserve the quality of naira notes in circulation.
Why Traders Are Central to the Campaign
Adetona explained that traders frequently receive cash from customers, keep the money during their business activities, and eventually deposit their proceeds in banks. He said improving the way traders handle cash could therefore make a significant difference in efforts to protect the naira. “We believe that when we talk to the traders themselves, that is the starting point,” he said.
The CBN said the campaign, which began at Galadima Market, would be taken to other markets across Kano State. The apex bank also said it would continue engaging traders, businesses, and other members of the public to promote responsible handling of the naira.
CBN Launches Naira Ambassadors Club
Meanwhile, Legit.ng earlier reported on the CBN’s Naira Ambassadors Club, a nationwide campaign that asks secondary school students to promote proper banknote handling. The initiative presents currency preservation as a shared national responsibility. From spraying money at ceremonies to tearing and stapling notes, common practices can shorten banknotes’ lifespan and raise replacement costs.
