KANO, NIGERIA — The Central Bank of Nigeria has warned traders against mishandling the naira. The apex bank said careless handling of banknotes increases the cost of replacing damaged currency.
The warning came as the CBN began a sensitisation campaign. The campaign encourages traders and the public to adopt better cash-handling practices. It commenced at Galadima Market in Kano on Monday.
Campaign Locations
The campaign will extend to other major markets. These include Sabon Gari Market, Abattoir, Yankaba Market, Tarauni Market, Yan Lemo, and Dawanau International Grains Market. The CBN chose these markets because traders handle large volumes of cash daily.
Naira as a Symbol of Sovereignty
Ibrahim Yahya of the CBN Currency and Operations Department spoke during the exercise. He described the naira as a symbol of Nigeria’s sovereignty and national pride. He said the Federal Government and the CBN commit significant resources to replacing dirty banknotes.
“By handling naira carefully, we are extending the lifespan of that naira,” Yahya said. “By extension, we are saving a lot of money in terms of replacement of the naira.”
Why Markets Were Chosen
Yahya explained why the CBN targeted markets. He said traders handle large volumes of cash in their daily transactions. They also take their proceeds to banks frequently. This makes them key stakeholders in preserving the currency.
Call for Proper Handling
Yahya urged traders to handle the currency with pride and dignity. He said proper handling would preserve the quality of banknotes. It would also reduce the frequency of replacement.
He added that the sensitisation campaign would continue across major commercial centres in Kano. The CBN seeks greater public participation in preserving the quality of the naira.
Public Responsibility
The CBN urged members of the public to join the campaign. It said preserving the naira is a shared responsibility. Proper handling saves money. It also protects the national symbol.
