*The Central Bank of Nigeria urges consumers to desist from abusing, defacing and mutilating the Naira as the national currency, to preserve its dignity, enhance its lifespan, and reduce the cost of replacing damaged currency in the country’s economy
Isola Moses | ConsumerConnect
The Central Bank of Nigeria (CBN) has renewed its consumer education and sensitisation initiatives, urging consumers to refrain from abusing, defacing and mutilating the Naira.
The CBN said that the reminder became imperative, to preserve the dignity, enhance the lifespan, and reduce the cost of replacing damaged national currency notes in the economy.
Dr. Adetona Adedeji, Director of Currency Operations and Branch Management Department of CBN, gave the advice during a recent roadshow and public awareness campaign on the Bank’s policies and programmes, in Kano, Northern Nigeria.
Adedeji, represented at the programme by Ibrahim Yahaya, Deputy Director, Head of Planning and Development Division of the Bank, emphasised that the Naira is a symbol of Nigeria’s sovereignty and national pride.
He stated that the banknotes should, therefore, be handled with care and dignity.
The CBN, he noted, spends significant resources replacing Naira notes that have become dirty, soiled or mutilated as a result of improper handling.
The Director of Currency Operations and Branch Management Department further explained that proper handling of the Naira by Nigerians would help to extend the lifespan of the currency and reduce the cost of producing and replacing damaged notes.
The Bankers’ Bank equally said the sensitisation campaign began at Galadima Market, in Kano, because markets were major centres of cash transactions.
This is particularly so in Kano as “a strategic commercial hub,” stated he.
Dr. Adedeji as well emphasised that traders were among the first points of contact for large volumes of cash in the course of daily transactions.
He disclosed the CBN would extend the awareness campaign to other major markets across Kano State, to encourage responsible handling of the currency.
Speaking during the Bank’s roadshow across the market, Mustapha Shuaibu, Chairman of Galadima Market, urged the CBN to caution commercial banks against dispensing mutilated Naira notes to customers.
Shuaibu said the leadership of the market, in turn, would educate and sensitise traders on the need to safeguard the Naira, pledging their support for the CBN’s campaign.
Besides Galadima Market, the CBN team visited Galadima Market, Sabon Gari Market and Abattoir as part of the public awareness and sensitisation campaign.
The Bank revealed other markets scheduled for the awareness campaign the Northern commercial city to include Yankaba Vegetable Market, Tarauni Market, Yan Lemo Fruit Market and Dawanau International Grains Market.