CBN Warn Say Naira Abuse Dey Make Printing Cost High

Di Deputy Governor, Operations Directorate for Central Bank of Nigeria (CBN), Bala Bello, don warn Nigerians say di way dem dey mishandle naira notes dey make cost of printing money go up. He talk dis one on Wednesday for Abuja during di launch of one nationwide campaign wey dem call “Naira Our Pride: Handle with Care.” Di campaign na to teach people how to handle naira well and to make Nigerians change dia attitude towards di currency. As he dey give di keynote speech, Bello wey Director of Currency Operations and Branch Management Department, Adedeji Adetona, represent talk say naira no be just money wey person go use buy or sell. He talk say, “Di naira na more than just money. E represent our national pride, our sovereignty, and di future wey we share together as Nigerians. But people dey misuse am from folding, tearing, spraying for party, to writing on top am all these bad habits dey disgrace our national symbol and dey increase how much e dey cost to take maintain di currency.” He come add say, “If we no act now, di bad way we dey handle naira go continue to make printing cost high, go make people vex during transaction, and go reduce trust for our money.” Bello also warn Nigerians against cash hoarding, especially as festive period dey near. He talk say, “When people hide cash, e dey affect everybody. E go make other people no see money use, scatter circulation, and put pressure for di system. Make we dey use money responsibly, promote other ways to pay, and stop hoarding.” According to am, if Nigerians begin treat naira well, di lifespan of di currency go long, dem go reduce unnecessary cost, and still protect di value and image of di naira.

“Everybody get role to play. Banks must teach dia customers and make sure say only better notes dey circulate. People for market and transport workers must stop to reject or abuse naira notes. Media and civil society need to spread di message, and every Nigerian must see naira as something wey we suppose take care of,” he talk. For im welcome speech, Adedeji Adetona wey Deputy Director Kazeem Olatinwo represent talk say dis campaign no just be about clean notes, but say na to build trust for Nigeria financial system. He talk say, “As Christmas dey come, CBN don arrange enough money wey go reach everywhere. Wetin remain now na how we go handle the money well make e neat and ready for use.” Also, Acting Director of Corporate Communications, Hakama Sidi-Ali, remind Nigerians say CBN get responsibility to issue legal tender and make sure clean notes dey available as Sections 17, 18, and 19 of CBN Act 2007 talk. She stress say, “To protect naira no be only CBN work. All Nigerians suppose join hand. CBN dey work to improve payment system and protect consumers. Make people dey use digital payment platforms to reduce pressure on cash. Data from CBN 2024 financial report show say bad handling of currency don make cost rise sharply. For 2024,di bank spend ₦315.18 billion on currency issue expenses na 306% increase from the ₦77.67 billion wey dem spend for 2023.