CBN urges Nigerians to handle Naira with care, laments high replacement cost

From Desmond Mgboh, Kano

The Central Bank of Nigeria (CBN) has appealed to Nigerians to handle the Naira with care, warning that the replacement of mutilated, soiled and torn currency notes costs the country huge sums of money.

Director, Currency Operations Department of the CBN, Adetola Adegoke, made the appeal in Kano during a sensitisation road show on the proper handling of the national currency, yesterday.

Represented by the Deputy Director, Planning and Development Division, Ibrahim Yahaya, Adegoke said the campaign was aimed at enlightening residents of Kano State on the need to preserve the Naira.

“The Naira is a symbol of our sovereignty and our national pride, therefore we need to handle it carefully and effectively,” she said.

Adegoke lamented that the apex bank was spending significant resources replacing damaged notes, stressing that the country could save substantial funds if Nigerians handled the currency properly.

“We believe that by handling the Naira the right way, we are extending its lifespan and saving a lot of money in terms of replacement,” she said.

She explained that the CBN decided to take the sensitisation campaign directly to stakeholders, particularly traders in major markets, because of their frequent handling of cash.

According to her, the three-day road show, which began at the Galadima Road section of Sabon Gari Market, would also cover other major markets in Kano, including Abattoir Market, Tarauni Market, Hadejia Road Market and Dawanau International Grains Market.

Adegoke said the exercise was part of efforts to promote responsible handling of the currency and reduce the volume of damaged notes in circulation.

Chairman of the Galadima Road section of Sabon Gari Market, Mustapha Sani Suleiman, assured the CBN of the support of traders in the market.

He, however, urged the apex bank to prevail on commercial banks to stop re-issuing old, dirty and torn notes to customers, arguing that such notes often find their way back into circulation through the markets.