KEY POINTS
• CBN says careful handling of Naira notes will extend their lifespan and reduce replacement costs.
• Apex bank targets traders because of their frequent involvement in cash transactions and circulation of banknotes.
• Campaign launched in Kano will be extended to other markets across the state.
MAIN STORY
The Central Bank of Nigeria (CBN) has launched a public awareness campaign in Kano urging traders and other cash users to handle Naira notes properly to reduce the volume of currency damaged through everyday transactions.
The campaign began at Galadima Market, with the apex bank identifying traders as key stakeholders because they receive, handle and accumulate large amounts of cash before depositing proceeds with banks.
Adedeji Adetona, Director, Currency Operations and Branch Management, represented by Ibrahim Yahya, Deputy Director, Currency Operations Department, said the condition of banknotes had implications for the resources required to replace notes that become dirty, soiled or mutilated.
He said preserving the physical quality of the currency would extend its usable life and reduce the resources spent replacing damaged notes.
“The key message is about proper handling of the Naira. The Naira is the symbol of our sovereignty. It is our national pride, and we need to handle the Naira very carefully and effectively,” he advised.
The CBN said Kano was chosen for the campaign because of its importance as a commercial centre with substantial cash based transactions. The initiative is expected to reach traders across different markets, including small scale sellers.
Adetona said traders were an important starting point because of the volume of cash that passes through their businesses and the period for which they may hold notes before taking them to banks.
The campaign team subsequently visited other locations in the state, including Sabon Gari Market, Abattoir, Yankaba Market, Tarauni Market, ‘Yan Lemo and Dawanau International Grains Market.
The Chairman of Galadima Market Traders Association, Shu’aibu Suleiman, pledged the market’s cooperation with the CBN in extending the awareness campaign to traders and customers.
He said sustained sensitisation would be necessary to encourage responsible handling of the national currency, particularly among small scale traders.
THE ISSUES
- Frequent cash transactions expose Naira notes to repeated handling, making traders an important group in efforts to improve the physical condition of currency in circulation.
- Damaged notes have to be withdrawn and replaced, creating an avoidable cost for the currency management system when notes deteriorate prematurely.
- The campaign also places responsibility on the public to treat banknotes properly, rather than leaving currency preservation solely to banks and the CBN.
WHAT’S BEING SAID
“The key message is about proper handling of the Naira. The Naira is the symbol of our sovereignty. It is our national pride, and we need to handle the Naira very carefully and effectively,” — Adedeji Adetona, Director, Currency Operations and Branch Management, CBN.
“We believe that by handling the Naira carefully, we are extending the lifespan of that Naira and, by extension, saving a lot of money in terms of replacement of the Naira,” — Adedeji Adetona, Director, Currency Operations and Branch Management, CBN.
“We believe the market is the major place for exchange transactions. People bring cash and we understand the strategic nature of Kano in terms of commerce.
“Kano is a centre of commerce that records substantial cash transactions, making traders important stakeholders in efforts to promote proper handling of the currency,” — Adedeji Adetona, Director, Currency Operations and Branch Management, CBN.
“So we believe that when we talk to the traders themselves, that is the starting point.
“They accumulate cash and may be the part that they have used in their transactions and the remaining, they might likely take the remaining to the bank.
“So, we believe that proper handling by them as the first step will go a long way in achieving our objectives,” — Adedeji Adetona, Director, Currency Operations and Branch Management, CBN.
WHAT’S NEXT
The CBN plans to continue the sensitisation campaign across other markets in Kano, working with market leaders and other stakeholders to promote proper handling of Naira notes.
Galadima Market traders’ association also pledged to support the awareness effort among traders and customers.
BOTTOM LINE
The CBN is placing greater emphasis on public handling of banknotes as part of efforts to prolong the life of the Naira and reduce the resources required to replace damaged currency.
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