The Central Bank of Nigeria (CBN) has launched a campaign to encourage Nigerians to handle the Naira with care, citing the high costs of replacing mutilated, soiled, and torn notes. According to the CBN, the Federal Government spends huge sums of money on replacing damaged currency notes. The campaign aims to enlighten residents on the need to preserve the Naira, a symbol of Nigeria's sovereignty and national pride.
The CBN's Director of Currency Operations Department, Adetola Adegoke, made the appeal in Kano on Monday during a sensitization road show on proper handling of the national currency. She was represented by Deputy Director, Planning and Development Division, Ibrahim Yahaya. Adegoke stressed that handling the Naira carefully would extend its lifespan and save the government significant resources.
The three-day road show, which began at Galadima Road section of Sabon-Gari Market, will cover other major markets across Kano State, including Abattoir Market, Tarauni Market, Hadejia Road Market, and the Dawanau International Grains Market. The campaign targets traders and stakeholders in major markets to promote proper handling of the Naira.
Adegoke lamented that the CBN and the Federal Government spend a lot of money replacing spoilt and mutilated notes. She explained that engaging stakeholders directly, particularly traders, is crucial in promoting proper handling of the currency. The CBN believes that by handling the Naira correctly, its lifespan can be extended, and significant resources can be saved.
The Chairman of Galadima Road section of Sabon Gari Market, Mustapha Sani Suleiman, assured the CBN of his members' support for the campaign. However, he urged the apex bank to direct commercial banks to stop re-issuing old, dirty, and torn notes to customers, as these often end up in circulation in the markets.
The CBN's campaign aims to raise awareness about the importance of handling the Naira with care. The bank is engaging stakeholders directly to promote proper handling of the currency and reduce the costs associated with replacing damaged notes. The campaign is part of the CBN's efforts to promote financial stability and national pride.
The CBN's appeal to Nigerians to handle the Naira with care is a timely reminder of the importance of preserving the national currency. By handling the Naira correctly, Nigerians can contribute to reducing the costs associated with replacing damaged notes and promote financial stability in the country.
Key points
- The CBN cites high costs of replacing mutilated currency notes as a reason for urging Nigerians to handle the Naira with care.
- The campaign targets traders and stakeholders in major markets to promote proper handling of the Naira.
- The CBN engages stakeholders directly to promote proper handling of the currency and reduce replacement costs.
