Naira abuse fuelling over 300% rise in printing costs, CBN claims 

The Central Bank of Nigeria (CBN) has claimed that the abuse and poor handling of the naira are driving up the cost of printing and replacing banknotes, which rose by more than 300 per cent in 2024 alone.

Deputy Governor of the Operations Directorate, Dr Bala Bello, speaking at the launch of a nationwide sensitisation campaign on naira handling in Abuja on Wednesday, said careless practices such as folding, tearing, spraying at social events, writing on notes, and outright mutilation undermine the dignity of the national currency and inflate replacement costs.

“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 undermine the dignity of our national symbol and increase the costs of maintaining it,” Bello said in a speech delivered on his behalf by Dr Adedeji Adetona, Director of Currency Operations and Branch Management.

He cautioned that unless urgent behavioural change takes place, Nigerians would continue to bear the financial burden of rising printing and replacement costs, which hit N315.18 billion in 2024, compared to N77.67 billion in 2023.

The campaign, themed “Naira Our Pride: Handle with Care”, is designed to instill respect for the national currency. Bello urged banks, traders, transport unions, schools, civil society, and the media to support the campaign by discouraging abuse, promoting cash alternatives, and educating the public.

“As the yuletide season approaches, I must also emphasise that cash hoarding harms us all. It denies others access to cash, disrupts circulation, and puts undue strain on the system,” he warned.

The CBN assured Nigerians of adequate cash supply during the festive season but stressed that proper handling is essential to preserve banknotes’ lifespan and reduce costs.

Acting Director of Corporate Communications, Hakama Sidi-Ali, reminded citizens that issuing legal tender and maintaining clean notes are core mandates of the apex bank under the CBN Act of 2007. She urged Nigerians to “take ownership” of protecting the naira, adding that the CBN remains committed to strengthening the payment system and safeguarding consumer rights.