|Open Faced Reel Lubrication
Open faced fishing reels should be lubricated externally every time they are used. Casting and retrieving line spreads water on the rotating head of your fishing reel. Water becomes an abrasive after it dries. A great external lubricant to use is Remington's Rem Oil. It is a Teflon based lubricant with a carrier that does not attract dirt when the carrier dries.
Wipe down your fresh water reel and spool with a wet paper towel. Salt water reels may need to be flushed off completely with water. Then wipe the reel down with a dry paper towel. If you have an air compressor, on low pressure blow the water off the reel and then wipe it dry. After the reel is dry remove the spool. Apply a drop or two of Rem Oil at all the inside and outside pivot points of the bail wire and line guide. Apply a drop or two on the portion of the spool axle that moves in and out of the rotating head. Apply a drop or two to the screw or rivet that holds the knob on the handle.
Don't forget that, internally, your reel should be cleaned and lubricated at least once a year.