The Central Bank of Nigeria (CBN) has launched a nationwide sensitisation campaign to combat the persistent issues of naira abuse and hoarding, especially as the festive season approaches.
The campaign, titled “Naira Our Pride: Handle with Care,” aims to remind Nigerians that the currency is a symbol of national sovereignty and should be treated with dignity.
This initiative seeks to curb damaging practices such as spraying, stepping on, tearing, and the excessive folding of banknotes, which shorten the lifespan of the currency and increase the cost of printing for the nation.
During the official launch, CBN Deputy Governor, Bala M. Bello, highlighted the importance of public cooperation.
He emphasised that a collective effort is needed to ensure the longevity of banknotes and promote a culture of respect for the country’s legal tender.
The CBN is collaborating with key stakeholders, including commercial banks, transport unions, and religious organisations, to amplify the message and foster better discipline among the public.
Furthermore, the campaign directly addresses the problem of cash hoarding. Hoarding is a significant concern for the central bank as it can disrupt the monetary system by creating artificial scarcity and hindering the free flow of cash within the economy.
To mitigate this, the CBN is actively promoting the use of digital payment channels as a more efficient and secure alternative. Despite this push for a cashless society, the Director of Currency Operations, Sikiru Adedeji Adetona, provided a firm assurance to the public.
He confirmed that the CBN has made ample arrangements to guarantee an adequate supply of banknotes nationwide to meet the expected rise in demand during the Yuletide period, ensuring that Nigerians will have access to the cash they need.
This two-pronged approach—educating the public on proper currency handling while ensuring sufficient supply—is intended to create a healthier cash ecosystem.
