The Central Bank of Nigeria (CBN) has expressed concern that the continued abuse of naira notes is significantly increasing the cost of printing and replacing the national currency.

This concern was raised during the launch of a nationwide awareness campaign on proper handling of the naira, which took place in Abuja on Wednesday.

At the event, CBN Deputy Governor in charge of Operations, Dr Bala Bello, was represented by Dr Adedeji Adetona, Director of the Currency Operations and Branch Management Department. Delivering Bello’s address, Adetona noted that the naira symbolises national identity and unity. He condemned practices such as folding, tearing, spraying, writing on, and mutilating banknotes, stressing that these acts are not only disrespectful but also costly.

Bello warned that failure to address the poor handling of currency would continue to result in financial losses and reduced efficiency in daily transactions. He added that the credibility of the naira as a national symbol would be further undermined if such behaviours persist.

The sensitisation campaign, titled “Naira Our Pride: Handle with Care”, seeks to foster behavioural change and promote public respect for the currency. Bello emphasised that collective effort is needed for the campaign to succeed, urging collaboration from financial institutions, market associations, transport unions, schools, civil society groups, religious bodies, and the media.

He pointed out that banks must ensure only clean and fit notes are in circulation, while traders and transporters should discourage the rejection or mishandling of naira notes. He also called on citizens to act as custodians of the currency, stating that lasting change requires nationwide cooperation.

As the festive season approaches, Bello advised against hoarding cash, describing it as a practice that restricts access to currency and strains the financial system. He encouraged the use of alternative payment platforms to reduce dependence on physical cash.

He further noted that careful handling of the naira would help prolong the lifespan of the notes, cut maintenance costs, and reinforce the currency’s role as a unifying national emblem.

The CBN said the awareness campaign would be extended to all states and communities in the country to ensure widespread impact.

Speaking earlier, Dr Adedeji Adetona, also represented by Deputy Director Mr Kazeem Olatinwo, stated that the initiative is aimed not only at ensuring clean banknotes but also at boosting public trust in the financial system and promoting national pride.

He assured that the CBN has made adequate arrangements to meet cash demands during the upcoming festive period, but reiterated the need for proper handling to maintain currency quality.

Also addressing attendees, Acting Director of Corporate Communications at the CBN, Hakama Sidi-Ali, reminded citizens that the issuance and maintenance of clean naira notes are among the bank’s statutory responsibilities under Sections 17 to 19 of the CBN Act, 2007.

She called on the public to support the central bank’s efforts, noting that safeguarding the integrity of the naira requires active participation from all Nigerians. Sidi-Ali also highlighted the CBN’s commitment to strengthening the payment system while protecting consumer rights and urged the public to adopt digital payment alternatives to ease pressure on cash circulation.

Data previously published by The PUNCH in May 2025 revealed that the CBN spent ₦315.18 billion on currency-related expenses in 2024, a 306% increase from the ₦77.67 billion spent in 2023. These costs include printing, processing, distribution, and disposal of currency.

The sharp rise in expenditure is believed to be linked to the large-scale printing of new notes, the logistics of nationwide distribution, and the destruction of damaged currency.

Two Nigerian nationals, identified as Chima Ibe and Chimezie Lazarus, are currently facing legal proceedings in India after being arrested in separate anti-narcotics operations, Indian authorities have confirmed.

Chima Ibe, 40, was apprehended by police in Nalasopara East, Maharashtra, during a raid conducted in the early hours of Monday. He was allegedly found in possession of over one kilogram of methylenedioxy-methamphetamine (commonly known as meth), with an estimated street value of over ₹2.08 crore (approximately ₦343 million).

The operation was led by officers API Sunil Pawar and PSI Dilip Ghuge, who reportedly acted on a tip-off. The drugs were discovered inside Ibe’s apartment, concealed in transparent plastic bags, alongside ₹34,500 (about ₦569,000) in cash. Authorities confirmed the substance was meth, which sells for around ₹20,000 (₦330,000) per gram on the black market. Ibe has been charged under India’s Narcotic Drugs and Psychotropic Substances Act, 1985, and remains in custody.

In a separate case in Delhi, the Crime Branch arrested three individuals, including another Nigerian citizen, 35-year-old Chimezie Lazarus, in connection with a cocaine trafficking ring.

According to a report by NDTV, police recovered a total of 194 grams of cocaine worth an estimated ₹2.25 crore (about ₦371 million) from the suspects. Authorities said the suspects, including local nationals Kadir and Wadhwa, were intercepted while allegedly attempting to deliver cocaine in the Rohini area. The drugs were reportedly found in their possession during a search—54 grams with Kadir and 31 grams with Wadhwa.

Subsequent interrogation led to the arrest of Lazarus, also known as Zudo, in Mehrauli on September 10, where police reportedly recovered an additional 109 grams of cocaine.

Investigators disclosed that Zudo arrived in India in January 2023 for medical reasons but later became involved in drug trafficking due to financial hardship. He is suspected of running a distribution network spanning several cities including Delhi, Gurugram, Meerut, Chandigarh, and Haldwani. Local couriers, including the arrested Indian nationals, were allegedly paid ₹1,000 per delivery.

Authorities say the suspects do not have prior criminal records. Efforts are ongoing to uncover the broader drug network, including financial channels and any potential international links.

Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has stated that meeting revenue targets does not eliminate the need for the federal government to borrow, as borrowing remains a standard component of national budgeting.

Adedeji made this known on Tuesday while speaking with State House correspondents in Abuja. He explained that every national budget typically consists of three key elements: expenditure, revenue, and borrowing.

He emphasized that borrowing, when done responsibly, is a globally accepted fiscal strategy, and not inherently problematic.

“Borrowing is not a problem. It is part of an economic plan,” Adedeji said, adding that the financial ecosystem also benefits from such borrowing activities.

He noted that when the government borrows from banks, it enables those banks to pay staff salaries, from which taxes are also generated for state governments.

Adedeji further explained that loans are often directed toward financing long-term infrastructure projects, whose benefits extend across future generations.

He cited road construction as an example, saying future users will contribute their fair share through taxes, thereby justifying the initial borrowing.

Addressing public concerns, the FIRS chairman maintained that borrowing—particularly when tied to productive investments—is a key feature of growing and viable economies.

He stressed that Nigeria’s current borrowing practices fall within limits approved by the National Assembly.

“Any country or company that aims to grow must borrow,” he said. “When Mr. President says we’re achieving revenue targets and people question the borrowing, they must understand that borrowing is already part of the budget passed by the National Assembly.”

Earlier this month, President Bola Tinubu had announced that Nigeria had met its 2025 revenue target ahead of schedule.

According to Tinubu, the progress was largely driven by increased non-oil revenue, which he said played a major role in efforts to stabilize the economy amid external challenges.

Figures released by the presidency show that the federal government generated ₦20.59 trillion in revenue between January and August 2025. Of that amount, ₦15.69 trillion came from non-oil sources.