Naira Abuse Increases Printing Costs— CBN cries out.
The Central Bank of Nigeria (CBN) has warned that the persistent abuse of the naira is driving up the cost of printing and replacing banknotes.
The warning was issued on Wednesday in Abuja during the launch of a nationwide sensitisation campaign on proper naira handling, themed “Naira Our Pride: Handle with Care.”
Speaking on behalf of the Deputy Governor, Operations Directorate, Dr Bala Bello, the Director of Currency Operations and Branch Management, Dr Adedeji Adetona, said the naira is more than just a medium of exchange but a symbol of national pride and sovereignty.
He condemned careless practices such as folding, tearing, spraying at social events, writing on notes, and outright mutilation, stressing that these acts undermine the dignity of the naira and increase maintenance costs.
“If we fail to act now, poor handling of our notes will continue to raise printing and replacement costs, frustrate everyday transactions, and weaken confidence in our national currency,” he warned.
Bello urged collaboration among banks, traders, transport unions, schools, civil society, religious groups, and the media to discourage naira ab¥se and ensure proper circulation. He also cautioned against cash hoarding, especially ahead of the festive season, noting that it disrupts circulation and puts pressure on the financial system.
According to him, careful handling of banknotes will extend their lifespan, reduce avoidable expenses, and preserve the naira’s status as a symbol of unity and pride.
The Central Bank of Nigeria (CBN) has warned that the persistent abuse of the naira is driving up the cost of printing and replacing banknotes.
The warning was issued on Wednesday in Abuja during the launch of a nationwide sensitisation campaign on proper naira handling, themed “Naira Our Pride: Handle with Care.”
Speaking on behalf of the Deputy Governor, Operations Directorate, Dr Bala Bello, the Director of Currency Operations and Branch Management, Dr Adedeji Adetona, said the naira is more than just a medium of exchange but a symbol of national pride and sovereignty.
He condemned careless practices such as folding, tearing, spraying at social events, writing on notes, and outright mutilation, stressing that these acts undermine the dignity of the naira and increase maintenance costs.
“If we fail to act now, poor handling of our notes will continue to raise printing and replacement costs, frustrate everyday transactions, and weaken confidence in our national currency,” he warned.
Bello urged collaboration among banks, traders, transport unions, schools, civil society, religious groups, and the media to discourage naira ab¥se and ensure proper circulation. He also cautioned against cash hoarding, especially ahead of the festive season, noting that it disrupts circulation and puts pressure on the financial system.
According to him, careful handling of banknotes will extend their lifespan, reduce avoidable expenses, and preserve the naira’s status as a symbol of unity and pride.
Naira Abuse Increases Printing Costs— CBN cries out.
The Central Bank of Nigeria (CBN) has warned that the persistent abuse of the naira is driving up the cost of printing and replacing banknotes.
The warning was issued on Wednesday in Abuja during the launch of a nationwide sensitisation campaign on proper naira handling, themed “Naira Our Pride: Handle with Care.”
Speaking on behalf of the Deputy Governor, Operations Directorate, Dr Bala Bello, the Director of Currency Operations and Branch Management, Dr Adedeji Adetona, said the naira is more than just a medium of exchange but a symbol of national pride and sovereignty.
He condemned careless practices such as folding, tearing, spraying at social events, writing on notes, and outright mutilation, stressing that these acts undermine the dignity of the naira and increase maintenance costs.
“If we fail to act now, poor handling of our notes will continue to raise printing and replacement costs, frustrate everyday transactions, and weaken confidence in our national currency,” he warned.
Bello urged collaboration among banks, traders, transport unions, schools, civil society, religious groups, and the media to discourage naira ab¥se and ensure proper circulation. He also cautioned against cash hoarding, especially ahead of the festive season, noting that it disrupts circulation and puts pressure on the financial system.
According to him, careful handling of banknotes will extend their lifespan, reduce avoidable expenses, and preserve the naira’s status as a symbol of unity and pride.
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