CBN Launches “Naira Our Pride” Campaign, Warns Against Abuse and Hoarding of Banknotes

The Central Bank of Nigeria (CBN) has launched a nationwide campaign to promote proper handling of the naira, urging Nigerians to treat the national currency with respect.

Speaking at the campaign’s flag-off in Abuja on Wednesday, Deputy Governor, Operations Directorate, Bala Bello, represented by the Director of Currency Operations, Adedeji Adetona, said the initiative, themed “Naira Our Pride: Handle with Care”, was aimed at instilling discipline, reducing currency damage, and cutting replacement costs.

“The naira is more than a means of payment—it is a symbol of our pride, sovereignty, and shared destiny,” Bello said. “Unfortunately, careless practices such as folding, tearing, spraying at events, writing on notes, and outright mutilation undermine its dignity and increase the cost of maintenance.”

He warned that poor handling of banknotes would continue to raise printing and replacement costs, frustrate transactions, and weaken public trust in the naira if urgent action is not taken.

Bello also cautioned Nigerians against cash hoarding, especially as the festive season approaches.

“Hoarding denies others access to cash, disrupts circulation, and strains the system. Stakeholders must encourage responsible cash use and embrace alternative payment platforms,” he urged.

Banks, Market Operators, and Citizens Have Roles to Play

According to Bello, banks must ensure only fit notes are circulated, market operators and transporters must discourage rejection of naira notes, while media and civil society should help amplify the campaign.

Adetona, represented by Deputy Director Kazeem Olatinwo, added that the drive goes beyond clean notes to building public confidence in Nigeria’s financial system. He assured that the CBN had made adequate arrangements to ensure sufficient banknotes during the yuletide season.

Also speaking, the Acting Director of Corporate Communications, Hakama Sidi-Ali, reminded Nigerians that issuing legal tender and ensuring clean notes are core mandates of the CBN under the 2007 CBN Act.

Rising Cost of Currency Maintenance

Fresh data from the CBN’s 2024 financial report showed that the apex bank spent ?315.18bn on currency issuance in 2024, representing a 306% increase from ?77.67bn in 2023.

Sidi-Ali emphasised that safeguarding the naira requires collective responsibility, urging Nigerians to adopt digital payment platforms to reduce pressure on cash.