Spraying, Folding, Writing on Naira Inflates Printing Cost

CBN warns naira abuse is driving up printing and replacement costs.
Campaign launched nationwide to promote proper handling of banknotes.
Nigerians urged to stop spraying, folding, hoarding, and mutilating naira.

The Central Bank of Nigeria (CBN) has warned that careless handling and abuse of the naira are driving up the cost of printing and replacing banknotes. The apex bank raised the concern on Wednesday during the launch of a nationwide sensitisation campaign on proper naira handling in Abuja.

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EKO HOT BLOG reports that speaking at the event, the Deputy Governor of Operations, Dr. Bala Bello, represented by the Director of Currency Operations, Dr. Adedeji Adetona, said the naira represents national pride and sovereignty and should be treated with respect.

“The naira is more than a means of payment. Unfortunately, careless practices—folding, tearing, spraying at social events, writing on notes, and outright mutilation—undermine the dignity of our national symbol and increase the costs of maintaining it,” he stated.

Data from the CBN’s 2024 financial report shows that currency issue expenses, covering printing, processing, distribution, and disposal, rose sharply to ₦315.18bn in 2024, a 306 per cent increase from ₦77.67bn in 2023. The rise was attributed to the printing of new notes, distribution logistics, and disposal of damaged currency.

The campaign, themed “Naira Our Pride: Handle with Care,” will run across all 36 states, targeting banks, traders, transport unions, schools, civil society groups, and religious institutions. Bello also urged Nigerians to avoid cash hoarding, particularly ahead of the festive season, noting that it disrupts circulation and strains the system.

Acting Director of Corporate Communications, Hakama Sidi-Ali, added that ensuring clean and available notes remains a statutory mandate of the CBN, stressing that citizens must take responsibility for protecting the currency.

“With proper handling, the lifespan of the naira will be extended, costs will be reduced, and the currency’s symbolic value preserved,” she said. Spraying, Folding, Writing on Naira

The CBN said the campaign aims to build confidence in the financial system while encouraging alternative payment platforms to reduce pressure on cash.