The Central Bank of Nigeria has raised concerns that abuse of the naira is driving up the cost of printing and replacing banknotes.
The Deputy Governor, Operations Directorate, Dr Bala Bello, was represented by Dr Adedeji Adetona, Director of Currency Operations and Branch Management Department, who delivered the speech on his behalf.
“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-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,” Dr Bello said.0:00
He warned that if corrective measures are not taken, Nigerians will 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 Deputy Governor stressed that the CBN cannot achieve this goal alone and called for the collaboration of banks, transport unions, traders, schools, civil society, religious organisations, 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. This is how we will move from sensitisation to true behavioral change,” he said.
He assured Nigerians that adequate arrangements have been made to ensure a sufficient supply of banknotes during the upcoming festive season.
The Acting Director of the Corporate Communications Department, Mr Hakama Sidi-Ali, reminded Nigerians that issuing legal tender currency and ensuring the availability of clean notes are core mandates of the CBN under sections 17, 18 and 19 of the CBN Act 2007.
Earlier in May 2025, Newsmen reported that the CBN spent N315.18bn on currency issue expenses in 2024, marking an increase of 306 per cent compared to N77.67bn recorded in 2023.
Currency issue expenses cover the printing, processing, distribution, and disposal of banknotes.
The over 300 per cent rise in currency expenses is likely due to the massive printing of new notes, the logistics of redistributing cash across the country, and the destruction of old and damaged banknotes. Punch/Halima Abdulganiyu
