CBN Warns Naira Abusers, Lists Implications

The Central Bank of Nigeria (CBN) has warned those abusing the national currency, itemising for such Naira abusers, the grave consequences.

The apex bank made the reaction in Abuja yesterday, during the launch of a nationwide sensitisation campaign on proper Naira handling.

Deputy Governor, Operations Directorate, Dr Bala Bello, represented by the Director of Currency Operations and Branch Management Department, Dr Adedeji Adetona said Naira abusers are inadvertently and significantly increasing the cost of printing and replacing the currency.

“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 outright mutilation—undermine the dignity of our national symbol and increase the costs of maintaining it,” Bello said.

“If we do not act today, poor handling of our notes will continue to raise the cost of printing and replacement, cause frustration in everyday transactions, and weaken confidence in our currency,” he added.

The campaign, targeted at Naira abusers, was themed “Naira Our Pride: Handle with Care”, and was aimed at instilling respect for the naira and encouraging behavioural change.

“Every stakeholder has a critical role to play.

“Banks must educate customers and ensure only fit notes are in circulation. “Market operators and transporters must discourage rejection or abuse of naira notes.

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“The media and civil society must amplify this message, while every citizen must see themselves as custodians of the naira,” he stated.

On hoarding of the Naira, the deputy governor state:

“Cash hoarding harms us all. It denies others access to cash, disrupts circulation, and puts undue strain on the system.

“I therefore call on stakeholders to encourage responsible cash use, promote alternative payment platforms, and help curb hoarding”.

Earlier, the bank had stated that the exercise was to restore public confidence in the country’s financial system.