CBN WARNS THAT NAIRA ABUSE ‘INFLATES PRINTING COST’

The Central Bank of Nigeria has raised the alarm that the abuse and poor handling of naira banknotes are significantly increasing the cost of printing and replacing them. The warning came on Wednesday during the launch of a nationwide sensitization campaign on proper naira handling, held in Abuja.

While delivering the keynote address, the Deputy Governor, Operations Directorate, Dr Bala Bello, represented by the Director of Currency Operations and Branch Management Department, Dr Adedeji Adetona, stressed that the naira is more than just a medium of exchange.

The campaign, themed “Naira Our Pride: Handle with Care,” is aimed at instilling respect for the naira and encouraging behavioral change. Bello noted that the CBN cannot succeed alone, calling for collaboration from banks, traders, transport unions, schools, civil society, religious groups, and the media.

According to him, if Nigerians handled their notes properly, the lifespan of the naira would be extended, avoidable costs would be reduced, and the currency’s symbolic value preserved.