CBN Assures Nigerians of Adequate Banknotes Ahead of Yuletide, Warns Against Hoarding
CBN Assures Nigerians of Adequate Banknotes Ahead of Yuletide, Warns Against Hoarding
The Central Bank of Nigeria (CBN) has reassured citizens that there will be sufficient banknotes in circulation to meet the surge in cash demand expected during the forthcoming Yuletide season.
The assurance was given on Wednesday during the flag-off ceremony of a nationwide roadshow sensitisation campaign on proper naira note handling, organised by the apex bank.
Speaking at the event, CBN Deputy Governor (Operations), Bala Bello, noted that the poor handling and hoarding of banknotes continue to impose significant costs on the country, both in the reprinting of new currency and in undermining public confidence in the naira.
“Except there is behavioural change, poor handling of the banknotes will continue to raise the cost of printing and replacement of the currency, cause frustration in everyday transactions, and weaken confidence in the national currency,” he said.
Bello further cautioned Nigerians against hoarding cash, especially as the festive season draws closer, stressing that the practice distorts circulation and puts undue strain on the system.
“As the Yuletide season approaches, I must also emphasise that cash hoarding harms us all. It denies others access to cash, disrupts circulation, and puts undue strain on the system,” he warned.
Represented by the CBN’s Director of Currency Operations and Branch Management Department, Dr. Sikiru Adedeji Adetona, the deputy governor assured that arrangements have already been made to ensure smooth supply of banknotes nationwide.
“As we approach the Yuletide, the Bank has made sufficient arrangements to ensure adequate supply of banknotes to meet demand nationwide. What is needed is proper handling to keep our notes clean and fit for use,” Adetona said.
The sensitisation campaign, which is expected to run across major cities in the country, aims to educate the public on the importance of proper currency handling, in line with the apex bank’s broader strategy to reduce the cost of cash management and preserve the integrity of the naira.
