Banknote Handling Practices

Banknote Handling Practices

The Central Bank of Nigeria encourages the public to adopt responsible banknote handling practices to preserve the quality and enhance the lifespan of the Naira. Naira banknotes are symbols of our national pride, and their condition in circulation reflects who we are.

Good Banknote Handling Practices:

• Do not store the Naira indecently: Keep banknotes clean, flat and avoid folding, crumpling, or stapling.
• Do not write on the Naira: Avoid writing on banknotes.
• Do not squeeze the Naira: Store in a wallet, Purse or Pouch.
• Do not deface the Naira: Avoid exposing banknotes to liquids like water, oil etc.
• Do not spray the Naira: Give cash gifts in envelopes or via electronic channels.

Under Section 21 of the CBN Act, 2007, all acts that constitute Naira abuse are punishable by imprisonment for a term of not less than six months or a fine not less than ₦50,000 or both. These include:

• Spraying of, dancing or matching/stepping on the Naira: This is explicitly prohibited and constitutes an offense.
• Selling or trading Naira notes/coins: This refers to the act of selling banknotes or coins for a higher value than their face value, which is illegal.
• Mutilation, defacement, soiling: This covers any act of intentionally damaging, writing on, or defacing Naira notes or coins, including stapling, tearing, or excessive crumpling.

E-payment channels offer a convenient and secure alternative to cash for transactions. Use mobile money, mobile banking, internet banking, POS or card payments to keep our currency in good condition.