The Central Bank of Nigeria (CBN) has launched a campaign to encourage Nigerians to handle the Naira with care, citing the high cost of replacing damaged notes. According to the CBN, the country spends significant resources replacing mutilated, soiled, and torn currency notes. This campaign aims to enlighten residents on the need to preserve the Naira, a symbol of national sovereignty and pride.
The CBN's Director of Currency Operations, Adetola Adegoke, made the appeal in Kano during a sensitisation road show on proper handling of the national currency. Adegoke, represented by Deputy Director Ibrahim Yahaya, emphasized that handling the Naira carefully would extend its lifespan and save the country substantial funds in replacement costs. The campaign targets traders in major markets, who frequently handle cash.
The three-day road show, which began at the Galadima Road section of Sabon Gari Market, will cover other major markets in Kano, including Abattoir Market, Tarauni Market, Hadejia Road Market, and Dawanau International Grains Market. This exercise is 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 traders' support in the market. However, he urged the apex bank to prevail on commercial banks to stop re-issuing old, dirty, and torn notes to customers, as these often find their way back into circulation through the markets.
Adegoke explained that the CBN decided to take the sensitisation campaign directly to stakeholders because of their frequent handling of cash. By handling the Naira properly, Nigerians can extend its lifespan and save the country significant replacement costs. The campaign aims to promote a culture of responsible currency handling.
The CBN's appeal comes at a time when the country is experiencing high volumes of cash transactions. The sensitisation campaign is expected to reduce the volume of damaged notes in circulation and promote a culture of handling the Naira with care. The CBN has been working to promote financial stability and maintain the integrity of the national currency.
The campaign is also expected to raise awareness about the importance of preserving the Naira and the role that individuals can play in maintaining its integrity. By working together, Nigerians can help reduce the cost of replacing damaged notes and promote a culture of responsible currency handling.
Key points
- The CBN is spending significant resources replacing damaged Naira notes.
- The campaign aims to promote responsible handling of the currency and reduce the volume of damaged notes in circulation.
- Traders in major markets are being targeted as part of the sensitisation campaign.
