As the festive season approaches, the Central Bank of Nigeria (CBN) has moved to address the perennial issue of currency scarcity, assuring Nigerians that adequate cash will be available to meet nationwide demand throughout the yuletide period.
This reassurance was given during the official flag-off of the Nationwide Sensitization on Proper Naira Notes Handling campaign. Speaking at the event, Deputy Governor of Operations at the CBN, Dr. Bala Mohammed Bello, emphasized that the Bank has made comprehensive preparations to ensure smooth currency supply during the holidays.
Represented by Dr. Sikiru Adedeji Adetona, Director of Currency Operations and Branch Management, Dr. Bello noted that the CBN is intensifying efforts to curb irresponsible handling of the Naira, which continues to degrade the quality of banknotes in circulation and increase the cost of currency production.
“Careless practices such as folding, tearing, spraying Naira notes at social functions, writing on them, and general mutilation not only damage the currency but also disrupt day-to-day transactions and burden the economy,” he said.
He warned that cash hoarding exacerbates currency scarcity, stating, “It harms us all. It denies others access to cash, disrupts circulation, and puts undue strain on the system.”
The CBN urged Nigerians to embrace a culture of respect for the Naira, noting that proper handling of currency extends its lifespan, reduces unnecessary printing costs, and supports efficient financial transactions.
“The Naira is more than a means of payment. It represents our national pride, our sovereignty, and our shared destiny as a people,” Dr. Bello stated, reinforcing the symbolic and economic importance of Nigeria’s legal tender.
The campaign calls for the collective responsibility of all sectors of society. Banks are encouraged to educate their customers and ensure only clean, fit notes are in circulation. Market vendors, transport operators, and traders are urged to discourage the rejection or abuse of Naira notes. Meanwhile, media organisations and civil society groups are tasked with amplifying the message to ensure it reaches all corners of the country.
“All Nigerian citizens must see themselves as custodians of the Naira. This is how we will move from sensitization to true behavioural change,” Dr. Bello concluded.
