The Central Bank of Nigeria (CBN) has appealed to Nigerians to handle the Naira with care, warning that the cost of replacing mutilated, soiled and torn banknotes is putting significant pressure on the country’s financial resources.
The Director of the CBN’s Currency Operations Department, Adetola Adegoke, made the appeal during a sensitisation road show in Kano, where she urged residents to adopt proper currency-handling practices to preserve the lifespan of the national currency.
Adegoke, who was represented by the Deputy Director of the Planning and Development Division, Ibrahim Yahaya, said the campaign was designed to educate residents, particularly traders, on the importance of protecting the Naira from avoidable damage.
She described the Naira as a symbol of Nigeria’s sovereignty and national pride, stressing that preserving the currency should be a collective responsibility.
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“The Naira is a symbol of our sovereignty and our national pride, therefore we need to handle it carefully and effectively,” she said.
Adegoke expressed concern over the substantial resources spent by the apex bank on replacing damaged currency notes, noting that Nigerians could help reduce the financial burden through responsible handling of cash.
“We believe that by handling the Naira the right way, we are extending its lifespan and saving a lot of money in terms of replacement,” she said.
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According to her, the CBN organised the sensitisation exercise to take its message directly to stakeholders who handle large volumes of cash daily, particularly traders in major markets across Kano State.
The three-day road show commenced at the Galadima Road section of Sabon Gari Market and is expected to extend to other major commercial centres, including Abattoir Market, Tarauni Market, Hadejia Road Market and Dawanau International Grains Market.
The campaign forms part of the CBN’s broader efforts to promote responsible currency handling and reduce the circulation of damaged banknotes.
During the exercise, the apex bank is expected to engage market traders and other stakeholders on practical ways to protect banknotes from unnecessary damage and deterioration.
Meanwhile, the Chairman of the Galadima Road section of Sabon Gari Market, Mustapha Sani Suleiman, pledged the support of traders for the CBN’s campaign.
However, he urged the apex bank to address the role of commercial banks in the circulation of damaged currency, calling on the regulator to ensure that banks stop re-issuing old, dirty and torn notes to customers.
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Suleiman argued that damaged notes often return to circulation through commercial transactions in markets, making it difficult for traders to maintain the quality of cash they receive and handle.
His appeal highlights the need for cooperation between the CBN, commercial banks, traders and members of the public to improve the condition of banknotes in circulation.
The CBN’s sensitisation campaign is intended to encourage Nigerians to take greater responsibility for the national currency, while reducing the resources required to replace notes damaged through improper handling.
