CBN calls on Nigerians to treat Naira with respect

The Central Bank of Nigeria (CBN) has called on Nigerians, especially traders, to treat the Naira with respect, care and dignity.

This will help the currency last longer and cut down the cost of replacing worn-out or damaged notes.

Adedeji Adetona, the Director of Currency Operations and Branch Management, shared this message in Kano on Monday during a public awareness event about proper Naira handling at Galadima Market.

Represented by Ibrahim Yahya, the deputy director of the Currency Operations Department, Mr Adetona said the aim of the campaign was to directly reach people, especially those who handle cash often.

He referred to the Naira as a symbol of Nigeria’s independence and national pride, stressing the need for Nigerians to take care of their currency.

"The key message is about proper handling of the Naira. The Naira is the symbol of our sovereignty. It is our national pride, and we need to handle the Naira very carefully and effectively," he said.

He noted that the CBN, along with the federal government, spends a lot of money replacing notes that are dirty, damaged, or torn.

He explained that taking care of the currency would help it last longer and save funds that would be used for replacing ruined notes.

"We believe that by handling the Naira carefully, we are extending the lifespan of that Naira and, by extension, saving a lot of money in terms of replacement of the Naira," Mr Adetona said.

He mentioned that the CBN started the campaign at Galadima Market in Kano and plans to spread the message to other markets in the state.

Mr Adetona urged the public to treat the Naira with pride and dignity. He said the campaign aims to encourage responsible handling of the national currency.

Markets were chosen as key places for this awareness because they play a big role in cash transactions.

"We believe the market is the major place for exchange transactions. People bring cash, and we understand the strategic nature of Kano in terms of commerce.

"Kano is a centre of commerce that records substantial cash transactions, making traders important stakeholders in efforts to promote proper handling of the currency," he explained.

Mr Adetona said traders handle cash frequently from customers and often keep the money before depositing it in banks.

He added that ensuring traders manage the cash they receive correctly is a key first step in protecting the Naira.

"So we believe that when we talk to the traders themselves, that is the starting point.

"They accumulate cash and may be the part that they have used in their transactions and the remaining, they might likely take the remaining to the bank.

"So, we believe that proper handling by them as the first step will go a long way in achieving our objectives," the director said.

He assured that the CBN would keep engaging relevant groups and the public to raise more awareness on the importance of caring for the Naira.

Earlier, Shu’aibu Suleiman, the Chairman of Galadima Market Traders Association, said the market leadership will work with the CBN to educate traders, especially small-scale sellers, on how to handle Naira notes properly.

He welcomed the CBN's choice of the market for the awareness campaign, saying it would help promote better handling of the national currency.

He pointed out that the market has many small traders, including fish sellers, who would benefit from the awareness program.

Mr Suleiman promised the CBN team that the market would support the campaign to reach traders and customers.

He stated that ongoing public awareness is necessary to encourage everyone to handle the Naira properly and maintain its quality.