Market News

From Desmond Mgboh, Kano

The Central Bank of Nigeria (CBN) has appealed to Nigerians to handle the Naira with care, saying it costs the Federal Government huge sums of money to replace the mutilated, soiled and torn notes.

The Director, Currency Operations Department, CBN, Adetola Adegoke, made the appeal in Kano on Monday during a sensitization road show on proper handling of the national currency.

Represented by the Deputy Director, Planning and Development Division, Ibrahim Yahaya, she said the campaign was aimed at enlightening residents of Kano State on the need to preserve the Naira.

“The Naira is a symbol of our sovereignty and our national pride, therefore we need to handle it carefully and effectively,” she stressed..

Adegoke lamented that the CBN, and by extension, the Federal Government was spending a lot of money replacing spoilt and mutilated notes, adding that the country would save significant resources if Nigerians handled the currency properly.

“We believe that by handling the Naira the right way, we are extending its life span and saving a lot of money in terms of replacement,” she stated.

She explained that it was against this background that the apex bank decided to engage stakeholders directly, particularly traders in major markets.

According to her, the three-day road show which began at Galadima Road section of Sabon- Gari Market will cover other major markets across the state such as Abattoir Market, Tarauni Market, Hadejia Road Market and the Dawanau International Grains Market.

In his remarks, the Chairman, Galadima Road section of Sabon Gari Market, Mustapha Sani Suleiman, assured the CBN of the support of his members.

He, however, urged the apex bank to direct commercial banks to stop re-issuing old, dirty and torn notes to customers, noting that such notes often end up in circulation in the markets.