CBN Issues Fresh Warning to Nigerians on Hording, Abuse of Naira
- The Central Bank of Nigeria has urged citizens to handle the Naira with care, warning against hoarding and practices that damage the currency
- During the awareness campaign CBN emphasised the need to end spraying, folding, tearing, and writing on banknotes
- Nigerians have been assured that there will be sufficient cash supply during the festive season and no need to hoard
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With the holiday season drawing near and demand for cash set to rise, the Central Bank of Nigeria (CBN) has appealed to Nigerians not to abuse the naira.
The apex banks urged Nigerians to respect and avoid practices that damage the nation's currency.
Source: Getty Images
The call was made during the official launch of a nationwide campaign on proper handling of banknote on Wednesday, September 24.
The initiative is aimed at reducing abuse of the naira and discouraging hoarding, which undermines smooth monetary operations.
The apex bank also assured citizens that there will be enough cash in circulation to meet genuine needs across the country.
Bala M. Bello, CBN Deputy Governor in charge of Operations, urged Nigerians to stop practices such as spraying, folding, tearing, writing on, or rejecting currency notes.
Bello said:
“The Naira is more than just money. It embodies our national pride, our sovereignty, and our shared destiny as a people."
The campaign, themed “Naira Our Pride: Handle with Care,” is part of the Bank’s broader strategy to promote discipline in currency use and extend the life of banknotes.
Bello stressed that the growing expense of printing and replacing damaged notes makes it necessary for all stakeholders to work together.
He noted:
“For meaningful change to take root, we need the active support of banks, traders, transport unions, schools, faith-based groups, civil society, and the media."
Source: Getty Images
He further cautioned that hoarding cash creates serious risks during peak demand periods.
“Hoarding denies others access to cash, disrupts circulation, and places unnecessary strain on the financial system,” he said, while encouraging greater use of digital payment channels as a reliable alternative.
“Let us join hands—banks, traders, schools, transport unions, civil society, media, and everyday citizens—to ensure that the message resounds everywhere: ‘
The Naira is our pride. Handle it with care"
Also speaking, Sikiru Adedeji Adetona, Director of Currency Operations and Bank Management, reinforced the Bank’s preparedness for the yuletide, assuring that supply will not be an issue.
He said.
“The CBN has put in place adequate arrangements to ensure banknotes are available nationwide. What is needed now is responsible handling to keep them clean and fit for use."
CBN to boost financial inclusion with eNaira
Earlier, Legit.ng noted that the Central Bank of Nigeria (CBN) has renewed its commitment to strengthening public confidence and expanding access to digital financial services by working to revive the eNaira initiative.
Introduced in October 2021 as part of Nigeria’s drive to boost financial inclusion, the Central Bank Digital Currency (CBDC), known as the eNaira, has struggled to achieve widespread adoption.
Reaffirming its push to revitalise the payment system.
Source: Legit.ng
