CBN launches campaign to curb naira abuse, hoarding

The Central Bank of Nigeria (CBN) has renewed its campaign on the proper handling of the naira, warning against folding, spraying, writing, or mutilating banknotes.

The sensitisation drive, themed ‘Naira Our Pride: Handle with Care’, was flagged off on Wednesday in Abuja.

The event comes ahead of the yuletide season when demand for cash typically spikes.

Bala Bello, the CBN deputy governor in charge of operations, said the campaign goes beyond keeping notes clean, stressing that it is about “respecting Nigeria’s national symbol and strengthening confidence in the financial system”.

Bello, who was represented by Adedeji Adetona, director of operations and branch management, said the apex bank has made adequate arrangements to ensure a sufficient supply of naira notes during the festive period.

“What is needed is proper handling to keep our notes clean and fit for use,” he said.

Bello described the naira as “more than a means of payment”, calling it a symbol of national pride and sovereignty.

He warned that “careless practices” such as tearing, spraying at social events, and hoarding drive up the cost of printing and replacing banknotes, frustrate transactions, and erode confidence in the currency.

“The Central Bank cannot succeed in this mission alone,” the deputy governor said.

“Every stakeholder has a role, banks must ensure fit notes circulate, transport operators and traders must discourage note abuse, while schools, religious groups, civil society and the media must amplify this message.”

On her part, Hakama Sidi-Ali, acting director of corporate communications at the CBN, said the campaign aligns with the bank’s clean notes policy, which aims to ensure the availability of quality banknotes and encourage Nigerians to adopt alternative payment channels.

“The naira is our critical symbol of national identity. Do not spray, hawk or mutilate it,” Sidi-Ali said.

“From today, all Nigerians are implored to be advocates and ambassadors of clean naira notes.”

The CBN, therefore, called on all stakeholders to encourage responsible cash use, promote alternative payment platforms, and help curb hoarding practices.