CBN Warns Traders Over Naira Note Mishandling As Replacement Costs Rise

The Central Bank of Nigeria has issued a fresh warning to Nigerians, especially traders, over the careless handling of naira notes, saying poor treatment of the currency increases the cost of replacing damaged cash.

The apex bank made the call during a roadshow and public awareness campaign at Galadima Market in Kano on Monday, urging Nigerians to treat the naira with greater care, pride and dignity.

Why the CBN is worried

Dr Adedeji Adetona, Director of Currency Operations and Branch Management at the CBN, said the bank spends significant resources replacing notes that become dirty, soiled, spoiled or mutilated.

Adetona, who was represented by Ibrahim Yahya, Deputy Director of the Currency Operations Department, said Nigerians could help reduce the cost of replacing banknotes by handling cash properly. He described the naira as a symbol of Nigeria's sovereignty and national pride, urging members of the public to protect the currency during everyday transactions.

"The key message is about proper handling of the naira. The naira is the symbol of our sovereignty. It is our national pride, and we need to handle the naira very carefully and effectively," he said.

According to Adetona, keeping naira notes in better condition would extend their lifespan and reduce the amount of money required to replace damaged currency.

"We believe that by handling the naira carefully, we are extending the lifespan of that naira and, by extension, saving a lot of money in terms of replacement of the naira," he said.

Traders as the starting point

The CBN official said traders were a major focus of the sensitisation campaign because markets are important centres for cash transactions.

He noted that Kano is a major commercial hub where large volumes of cash change hands daily, making traders important partners in efforts to preserve the quality of naira notes in circulation.

Adetona explained that traders frequently receive cash from customers, keep the money during their business activities and eventually deposit their proceeds in banks. He said improving the way traders handle cash could therefore make a significant difference in efforts to protect the naira.

"We believe that when we talk to the traders themselves, that is the starting point," he said.

Campaign moves across Kano

The CBN said the campaign, which began at Galadima Market, would be taken to other markets across Kano State. The apex bank also said it would continue engaging traders, businesses and other members of the public to promote responsible handling of the naira.

The CBN has also run its Naira Ambassadors Club, a nationwide campaign that asks secondary school students to promote proper banknote handling, presenting currency preservation as a shared national responsibility.

From spraying money at ceremonies to tearing and stapling notes, common practices can shorten banknotes' lifespan and raise replacement costs.

For traders and consumers, the message is a practical one. Notes that stay clean and intact stay in circulation longer, which cuts the cost of printing replacements and keeps cash available at the point of sale.