By Onyeanya Ebere Immaculata
The Central Bank of Nigeria (CBN), has expressed concern over the rising cost of printing and replacing naira notes, attributing the surge to abuse and poor handling of the currency.
Figures released by the apex bank show that in 2024 alone, the CBN spent ₦315.18 billion on currency issue expenses, a staggering 306 percent increase from ₦77.67 billion in 2023.
The warning was issued on Wednesday at the launch of a nationwide sensitisation campaign in Abuja, themed “Naira Our Pride: Handle with Care.”
The campaign seeks to encourage respect for the naira and discourage careless practices that damage banknotes.
Delivering the keynote address, CBN Deputy Governor, Operations Directorate, Dr. Bala Bello, represented by Director of Currency Operations, Dr. Adedeji Adetona stressed that the naira is more than a medium of exchange.
“It represents our national pride, our sovereignty, and our shared destiny,” he said.
Bello decried habits such as folding, tearing, spraying at social events, writing on, and hoarding notes, warning that these behaviours fuel rising replacement costs, frustrate daily transactions, and weaken confidence in the currency.
He called for greater adoption of alternative payment platforms to ease pressure on cash.
In his welcome remarks, Adetona, represented by Deputy Director, Mr. Kazeem Olatinwo assured Nigerians that the CBN had made adequate arrangements to supply clean notes nationwide, particularly during the festive season.
Acting Director of Corporate Communications, Hakama Sidi-Ali, reminded the public that safeguarding the naira is a core CBN mandate under Sections 17-19 of the CBN Act 2007.
She urged citizens to embrace cashless transactions to protect the currency’s integrity.
Currency issue expenses cover printing, processing, distribution, and destruction of notes.
Analysts link the 2024 spike to logistics costs, the introduction of new notes, and destruction of unfit ones.
The CBN said the sensitisation campaign will be rolled out across all 36 states and grassroots communities to promote proper naira handling and reduce wasteful spending on replacements.
