CBN Assures Of Adequate Banknotes As Yuletide Approaches

The Central Bank of Nigeria (CBN) has assured Nigerians of adequate supply of banknotes to meet the expected surge in demand during the forthcoming Yuletide season.

The assurance was given on Wednesday at the flag-off ceremony of a nationwide roadshow sensitisation campaign on proper naira note handling, organised by the apex bank.

CBN’s Deputy Governor (operations), Bala Bello, said except there is behavioral change, poor handling of the banknotes will continue to raise the cost of printing and replacement of the currency, cause frustration in everyday transactions, and weaken confidence in the national currency.

Bello discouraged hoarding of the notes, especially as the festive season approaches. “As the Yuletide season approaches, I must also emphasise that cash hoarding harms us all. It denies others access to cash, disrupts circulation, and puts undue strain on the system.”

CBN’s Director of Currency Operations and Branch Management Department, Dr. Sikiru Adedeji Adetona, who represented the CBN deputy governor assured, “As we approach the Yuletide, the Bank has made sufficient arrangements to ensure adequate supply of banknotes to meet demand nationwide. What is needed is proper handling to keep our notes clean and fit for use. ”

“However, if we handle our notes with care and collaborate across all sectors, we extend the lifespan of our currency, reduce avoidable costs, improve transaction efficiency, and reinforce the Naira as a true symbol of unity and pride,” he stated.

Adetona who was also represented by a deputy director in the bank, Mr. Kazeem Olatinwo, explained that the campaign was not only about keeping the naira clean, but also about safeguarding confidence in the nation’s financial system and treating the currency with respect as a national symbol.

Acting Director of Corporate Communications Department at CBN, Hakama Sidi-Ali said the apex court cannot solely arrest the issues of the abuse of the bank.

He urged everyone to join in the campaign against abuse of the currency. “From today, all Nigerians are implored to be advocates and ambassadors of clean Naira notes,” she said.

Hakama also encouraged all Nigerians to explore the numerous alternative payments channels, assuring that the CBN was committed to enhancing Nigeria’s payment system and protecting customers’ rights.

Bello also called on all stakeholders to encourage responsible cash use, promote alternative payment platforms, and help curb hoarding practices.

The CBN acknowledged its strong partnership with stakeholders, including the Abuja Chamber of Commerce, in driving the initiative.

It urged participants to take the message to their schools, markets, and communities, stressing that Nigerians must collectively become ambassadors of proper naira note handling.

“Let us join hands-banks, traders, schools, transport unions, civil society, media, and everyday citizens to ensure that the message resounds everywhere: “The Naira is our pride. Handle it with care.”

“Together, we can protect its integrity, preserve its value, and pass on to future generations a currency they can respect and be proud of,” he stated.