The Central Bank of Nigeria has warned traders in Kano against abusing Naira notes, emphasizing that the currency is a symbol of national pride and must be treated with respect. This warning was given during a sensitization exercise and roadshow at major markets in Kano, led by the Currency Operations and Branch Management Department of CBN. The exercise aimed to educate traders on the importance of handling the Naira with care.
Deputy Director, Planning and Development Division, CBN, Ibrahim Yahaya, represented Director of Currency Operations, Dr. Adetona Adedeji, at the event. Yahaya stated that the Naira is a symbol of sovereignty and national pride that must be handled with dignity. He emphasized that the CBN and the federal government spend huge sums replacing dirty, soiled, and mutilated notes, a cost that could be avoided if Nigerians handle the currency properly.
The roadshow covered several major markets in Kano, including Galadima Market, Sabon Gari Market, Abattoir Market, Yankaba Market, Tarauni Market, and Yan Lemo Market. During the exercise, Yahaya urged traders to handle the Naira with care to extend its lifespan and save money for the country. He noted that when the Naira is dirty, soiled, or torn, it has to be replaced, which costs a lot of money.
Chairman of Galadima Market Association, Mustapha Shuaibu Sulaiman, thanked CBN for taking the campaign to people in the markets and pledged to sensitize his members. Sulaiman stated that they will carry the message to their members and ensure that they handle the Naira with care. He also called on the apex bank to warn commercial banks against issuing dilapidated currency to traders.
Sulaiman further requested that the CBN stop commercial banks from pushing dirty and torn notes into circulation. He noted that most times when traders collect money from banks, they have to remove the damaged ones themselves. This, he said, is a challenge that needs to be addressed to prevent the circulation of mutilated notes.
The CBN's sensitization exercise and roadshow are part of efforts to promote a culture of handling the Naira with care. The apex bank has been engaging with various stakeholders, including traders and financial institutions, to educate them on the importance of proper handling of the currency. By doing so, the CBN aims to reduce the costs associated with replacing damaged notes.
The campaign is also expected to raise awareness about the importance of treating the Naira with respect. As a symbol of national pride, the Naira must be handled with dignity, and the CBN is committed to promoting this culture. The apex bank's efforts are aimed at ensuring that the Naira remains a stable and reliable currency.
Key points
- The CBN has warned traders in Kano against abusing Naira notes, emphasizing that the currency is a symbol of national pride.
- The apex bank spends huge sums replacing dirty, soiled, and mutilated notes, a cost that could be avoided if Nigerians handle the currency properly.
- The CBN is engaging with stakeholders to promote a culture of handling the Naira with care and respect.
