CBN Warns Nigerians Against Naira Abuse

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has issued a stern warning to Nigerians over the abuse of the naira, cautioning that practices such as spraying notes at parties, hawking mint notes at events, and mutilating the national currency will no longer be tolerated. The apex bank, he said, will strengthen enforcement of existing laws to ensure that offenders face appropriate penalties.

Speaking during a sensitisation programme on currency management, Cardoso described the naira as a symbol of sovereignty that must be respected by all citizens. He lamented that the frequency of abuse has reached troubling levels, pointing out that careless handling and illegal trading in the currency undermine not just the financial system but also Nigeria’s national pride.

The CBN Governor explained that the reckless spraying of banknotes at weddings, concerts, and other public gatherings, alongside the illegal sale of mint notes, has increased the burden of replacing damaged currency. Each year, the apex bank spends billions of naira printing new notes to replace defaced or mutilated ones, a cost Cardoso described as unsustainable for the economy.

Beyond the financial implications, he said, naira abuse also weakens confidence in the nation’s financial system. “When citizens treat the naira with disregard, it sends the wrong message about the value we place on our own currency. This is not just an economic issue; it is a matter of national dignity,” Cardoso stressed.

A particularly worrying trend, according to him, is the thriving black-market trade in mint notes. At many social events, freshly printed notes are sold at inflated prices, creating an artificial scarcity of cash and fueling exploitation. The CBN Governor warned that such practices are illegal and will be met with strong sanctions.

Cardoso revealed that the apex bank is working with security and law enforcement agencies to intensify crackdowns on naira hawkers and offenders. He reminded Nigerians that laws against currency abuse already exist, with offenders facing fines, imprisonment, or both. “We will no longer turn a blind eye. Enforcement will be strict, and no one, regardless of status, will be exempted,” he warned.

The CBN is complementing this crackdown with widespread public enlightenment campaigns. According to the Governor, the campaigns are being rolled out in schools, marketplaces, motor parks, and community centres to ensure that Nigerians are educated about the proper handling of money. Religious and traditional leaders are also being engaged to amplify the message across grassroots communities.

In addition, Cardoso highlighted the role of digital payment systems in reducing pressure on physical cash. He urged Nigerians to embrace mobile banking, point-of-sale transactions, and online transfers as faster and more secure options. “The fewer times we handle cash, the fewer opportunities there are for abuse. Technology gives us safer, cheaper, and more efficient ways to make payments,” he said.

Financial analysts have welcomed the CBN’s renewed focus, noting that reducing naira abuse will help extend the lifespan of banknotes, cut down on printing expenses, and improve the overall quality of notes in circulation. They argue that this will in turn boost confidence in Nigeria’s monetary system, especially at a time when the apex bank is battling to stabilise the currency and reassure investors.

Public reactions have also been mixed. While many Nigerians agree that currency abuse should be curtailed, some argue that enforcement must go hand-in-hand with broader reforms, such as improved cash supply, stricter monitoring of banks, and a crackdown on insider activities that make mint note hawking possible. Others point out that until digital payments become fully reliable and accessible across rural areas, cash will continue to dominate, and abuses may persist.

Despite these concerns, the CBN insists that protecting the naira’s integrity is a collective responsibility. Cardoso emphasised that Nigerians must begin to see the currency as more than just a means of exchange but as a unifying symbol of sovereignty and identity. “Every note we mishandle or spray carelessly is not just paper; it is a reflection of our values as a nation,” he stated.

The warning comes at a time when the apex bank is rolling out a series of reforms aimed at economic stability. From exchange rate adjustments to banking sector supervision, the CBN is pushing to restore credibility in Nigeria’s financial system. Experts say that ensuring the naira is respected physically is an important complement to these broader reforms.

Cardoso’s message was clear: Nigeria cannot aspire to global competitiveness while neglecting basic respect for its national currency. The naira, he said, must be protected not just by policy but by culture and everyday behaviour. By ending the reckless abuse of money, the country can cut down on waste, strengthen its financial system, and reinforce the pride of its citizens in their own identity.