CBN Warns Kano Traders Against Naira Abuse, Says Naira Remains Symbol of National Pride

Ahmad Sorondinki in Kano

Central Bank of Nigeria (CBN) has warned traders in Kano against the abuse of Naira notes, saying the currency remains a symbol of national pride and must be treated with respect.

The apex bank gave the warning on Tuesday during a sensitisation exercise and roadshow at major markets in the state, led by Currency Operations and Branch Management Department of CBN.

Speaking at Galadima Market, Deputy Director, Planning and Development Division, CBN, Ibrahim Yahaya, who represented Director of Currency Operations, Dr. Adetona Adedeji, said the naira was a symbol of sovereignty and national pride that must be handled with dignity.

According to Yahaya, CBN and the federal government spend huge sums replacing dirty, soiled, and mutilated notes, a cost that could be avoided if Nigerians handle the currency properly.

He said, “The naira is our national pride. When it is dirty, soiled or torn, we have to replace it and it costs a lot of money. By handling it well, we extend its lifespan and save money for the country.”

The roadshow covered Galadima Market, Sabon Gari Market, Abattoir Market, Yankaba Market, Tarauni Market, and Yan Lemo Market.

In his remarks, Chairman of Galadima Market Association, Mustapha Shuaibu Sulaiman, thanked CBN for taking the campaign to people in the markets and pledged to sensitise his members.

Sulaiman stated, “We will carry this message to our members, but we want the CBN to warn commercial banks. They should stop issuing dilapidated currency to us. Most times when we collect money from banks, we have to remove the damaged ones ourselves.”

He also called on the apex bank to stop commercial banks from pushing dirty and torn notes into circulation.