AN EVALUATION OF THE CENTRAL BANK OF NIGERIA’S 2024 MEDIA CAMPAIGN AGAINST NAIRA ABUSE AMONG NIGERIAN CITIZENS

CHAPTER ONE INTRODUCTION 1.1 Background of the Study Currency plays a pivotal role in the economic structure of any nation as it embodies its value and facilitates financial transactions. In Nigeria, the Naira serves not only as a medium of exchange but also as a symbol of national identity and economic sovereignty. However, as Ubani (2020) notes, despite the critical importance of the Naira, its misuse has become increasingly prevalent across the country, thereby diminishing its integrity and respect. Instances of Naira abuse range from spraying and trampling on notes during social events to the illegal trading and defacement of currency, all of which lead to the physical deterioration of banknotes. Such practices do not only devalue the national currency symbolically but also incur substantial economic costs related to the constant need for reprinting and replacing damaged notes. To mitigate these issues, the Central Bank of Nigeria (CBN) launched a comprehensive media campaign aimed at fostering proper handling and increased respect for the Naira (CBN, 2018). As explained by Adegboyega (2020), media can be broadly classified into two categories: print and non-print. Print media includes physical materials such as newspapers, magazines, and journals, while non-print media comprises electronic outlets like radio, television, and digital platforms including Twitter, Facebook, and Instagram. Media thus serves as a powerful mechanism for shaping public opinion, altering behaviour, and informing society. In its awareness campaign, the CBN utilises a variety of media platforms such as television, radio, newspapers, social media, and grassroots outreach to educate the public on the importance of proper currency handling. The campaign also features educational content highlighting the legal implications of Naira abuse, which may involve fines or imprisonment, as stipulated by the CBN Act of 2007 and the Counterfeit Currency (Special Provisions) Act of 1984 (CBN, 2020). In addition to advocating proper currency use, the campaign supports the broader goal of encouraging digital financial transactions. The CBN actively promotes the adoption of electronic banking and mobile payment systems to reduce reliance on physical currency. Similarly, it underscores the role of financial institutions in curbing currency abuse by urging them to educate customers and ensure best practices in cash management. This not only helps to preserve the physical quality of Naira notes but also aligns with the global movement toward cashless economies. Through its media outreach, the campaign communicates the benefits of digital payments—namely convenience, safety, and reduced vulnerability to crimes associated with cash (Ogunleye, 2021). Therefore, this study seeks to examine the effectiveness of the Central Bank of Nigeria’s 2024 media campaign aimed at curbing the abuse of the Naira among Nigerians. 1.2 Statement of the Problem The recent depreciation in the value of the Naira is closely linked to prevailing cultural practices and entrenched societal norms. At many social events such as weddings and parties across Nigeria, the practice of spraying currency on celebrants is often perceived as a sign of affluence and generosity. However, this cultural display frequently results in the physical defacement and destruction of banknotes. Moreover, the informal resale of Naira notes above their nominal value, particularly during festivities or in rural markets, exacerbates the issue by circulating already damaged or defaced currency (Emefiele, 2018). These practices reveal a more fundamental issue: a general lack of awareness and appreciation for the symbolic and economic significance of the Naira, thereby necessitating targeted public education interventions. According to the Central Bank of Nigeria (2020), the country expends a considerable sum annually to replace banknotes rendered unusable due to abuse and mishandling. By highlighting these economic consequences, the CBN media campaign aims to cultivate a collective sense of responsibility among citizens regarding the treatment of national currency. In addition to spraying, Nigerians—including members of socio-cultural organisations—continue to mishandle the Naira by stapling, writing on, crumpling, and hiding the notes in items such as bras, socks, or underwear (Osagie, 2023). Such actions significantly deteriorate the quality and longevity of the affected currency. In response, the Federal Government launched a concerted effort in 2005 to discourage unethical handling of the Naira. As part of this initiative, the Central Bank of Nigeria spearheaded a media-driven campaign to combat currency abuse. Despite these efforts, there appears to be minimal behavioural change among certain socio-cultural groups in Lagos State, where misuse of the Naira persists during social celebrations. Given the substantial resources invested in this campaign, a critical question arises: can the initiative truly achieve its intended impact? Consequently, this study aims to assess the effectiveness of the Central Bank of Nigeria’s 2024 media campaign in addressing Naira abuse among the Nigerian populace.  1.3  Objectives of the Study The main purpose of this study is to evaluate the Central Bank of Nigeria’s 2024 Media Campaign Against Naira Abuse Among Nigerian Citizens. Specifically, the study will; i.Determine the extent of naira abuse in Nigeria. ii.Determine the factors influencing naira abuse in Nigeria. iii.Determine the effectiveness of the media campaign in promoting respectful handling of the naira. iv.Determine the challenges faced in implementing media campaign against naira abuse. 1.4  Research Questions The following questions have been prepared for the study: i.To what extent is naira abuse prevalent in Nigeria? ii.What are the factors influencing naira abuse in Nigeria? iii.How effective is the media campaign in promoting respectful handling of the naira? iv.What challenges are faced in implementing the media campaign against naira abuse? 1.5 Research Hypotheses H0: The Central Bank of Nigeria's media campaign against naira abuse is not effective among Nigerians. Ha: The Central Bank of Nigeria's media campaign against naira abuse  is effective among Nigerians. 1.6 Significance of the Study This research will provide valuable feedback on the effectiveness of CBN media campaign in curbing naira abuse. This will enable them to refine their strategies, enhance messaging, and allocate resources more effectively to achieve better outcomes. Additionally, it will help financial institutions in designing internal policies and customer education programs that align with national efforts to protect the integrity of the naira. Furthermore, the study will shed light on how different media channels and formats influence public attitudes and behaviors regarding naira abuse. However, subsequent researchers will use it as a literature review. Build on the findings to explore further aspects of the effectiveness of media campaign against naira abuse.   1.7 Scope of the study    The scope of this study is boarded on the Central Bank of Nigeria’s 2024 Media Campaign Against Naira Abuse Among Nigerian Citizens. Empirically, this study will determine the extent of naira abuse, the factors influencing naira abuse, the effectiveness of the media campaign in promoting respectful handling of the naira and the challenges faced in implementing media campaign against naira abuse. Geographically, the study will be delimited to residents of FCT, Abuja . 1.8 Limitation of the study In the course of carrying out this study, the researcher experienced some constraints, which included time constraints, financial constraints, language barriers, and the attitude of the respondents. In addition, there was the element of researcher bias. Here, the researcher possessed some biases that may have been reflected in the way the data was collected, the type of people interviewed or sampled, and how the data gathered was interpreted thereafter. The potential for all this to influence the findings and conclusions could not be downplayed. More so, the findings of this study are limited to the sample population in the study area, hence they may not be suitable for use in comparison to other schools, local governments, states, and other countries in the world.  1.9 Definition of Terms Media Campaign: A strategic communication effort utilizing various media platforms (e.g., television, radio, social media, print media) to convey targeted messages to the public. Central Bank of Nigeria (CBN): The apex financial institution in Nigeria responsible for regulating and supervising the country’s banking system, managing monetary policy, and issuing currency. Abuse: is defined to mean a departure from legal or reasonable use; or misuse.  Naira Abuse: The improper or illegal use of the Nigerian currency, which can include acts such as mutilating, defacing, or using naira notes in ways that contravene legal and regulatory guidelines.