CBN urges traders to protect naira notes

The Central Bank of Nigeria has urged Nigerians, particularly traders, to handle naira notes carefully as part of an effort to extend their lifespan and reduce the cost of replacing damaged currency. Dr Adedeji Adetona, the CBN’s Director of Currency Operations and Branch Management, gave the advice in Kano on Monday during a roadshow and public-awareness campaign at Galadima Market. He was represented by Ibrahim Yahya, Deputy Director in the Currency Operations Department.

Adetona described the naira as a symbol of Nigeria’s sovereignty and national pride. He said the campaign was designed to take the message directly to people who frequently handle cash, especially those working in markets. According to him, the CBN and the Federal Government spend substantial resources replacing notes that become dirty, soiled, spoiled or mutilated.

Careful handling, he said, would help keep notes in circulation for longer and reduce replacement costs. Markets were selected because they are major centres of cash transactions. Adetona said Kano’s importance as a commercial centre made its traders significant stakeholders in efforts to preserve the currency.

He noted that traders receive cash from customers, accumulate proceeds during the day and often take the remaining money to banks. Encouraging them to handle the notes properly was therefore an important first step, he said. The CBN team also visited Sabon Gari Market, Abattoir, Yankaba Market, Tarauni Market, ‘Yan Lemo and Dawanau International Grains Market.

Galadima Market Traders Association chairman Shu’aibu Suleiman pledged the market’s cooperation, particularly in reaching small-scale sellers, including fish traders. The CBN said it would continue engaging stakeholders across the state.