The Central Bank of Nigeria (CBN) has expressed concern over the growing abuse of the naira, warning that the defacing, mutilation and improper handling of banknotes are increasing currency management costs and reducing the lifespan of Nigeria’s legal tender.
CBN Governor, Olayemi Cardoso, raised the concern on Tuesday during the inauguration of the Naira Ambassadors Club in Abuja, a programme designed to educate students on proper currency handling and foster greater respect for the naira.
According to Cardoso, the apex bank invests substantial resources in producing clean, durable and secure banknotes for circulation across the economy. However, he noted that the effectiveness of these efforts depends largely on how Nigerians handle the currency after it enters circulation.
He stressed that protecting the naira is a collective responsibility and not solely the duty of the Central Bank.
“When banknotes are defaced, mutilated or mishandled, they deteriorate more rapidly than expected. This increases replacement costs, disrupts the efficiency of currency circulation and imposes avoidable financial burdens on the nation,” Cardoso said.
The CBN governor described the naira as more than just paper and polymer, noting that it serves as Nigeria’s legal tender, facilitates trade and investment, supports economic activities and represents the country’s sovereignty.
He explained that every banknote carries images of distinguished Nigerians, national symbols and security features that help sustain public confidence in the monetary system.
Cardoso said the bank would continue to strengthen confidence in the naira through sustained public awareness campaigns, stakeholder engagement and educational initiatives such as the Naira Ambassadors Club.
He emphasized that preserving the national currency should be viewed as a civic responsibility that reflects citizens’ commitment to protecting public resources and national identity.
The governor noted that education remains one of the most effective tools for driving lasting behavioural change, especially among young people who can influence positive attitudes within their schools, families and communities.
According to him, the Naira Ambassadors Club was established to raise a generation of students who understand the value of money and appreciate the importance of safeguarding the nation’s currency.
“As Naira Ambassadors, you are expected to become advocates of proper currency handling. You will educate your classmates on why banknotes should not be written on, stapled, mutilated or sprayed at social events. You will encourage responsible currency handling in your homes and communities,” he said.
Cardoso also urged students to embrace leadership through positive influence and responsible conduct.
“Leadership begins with influence. You do not need to occupy a public office before making meaningful contributions to national development. Every conversation you have, every friend you educate and every positive example you set contribute to building a more responsible society,” he added.
Speaking at the event, Deputy Governor of the Corporate Services Directorate, Emem Usoro, described the launch of the Naira Ambassadors Club as part of the CBN’s broader strategy to protect one of Nigeria’s most important national assets.
She noted that every nation values its currency because it represents national sovereignty, economic stability, public confidence and collective identity.
Usoro lamented the widespread practice of writing on banknotes, stapling them, spraying them during celebrations and squeezing them into pockets, noting that such actions damage the currency and increase replacement costs.
She stressed that sustainable behavioural change cannot be achieved through enforcement alone but must be supported by education, awareness and the promotion of positive values from an early age.
According to her, the initiative aims to equip young Nigerians with the knowledge, confidence and values needed to promote proper currency handling in their schools, homes and communities.
Usoro said the programme would help build a nationwide network of young advocates dedicated to promoting respect for the naira while contributing to improved financial literacy and civic responsibility.
She commended participating schools for supporting the initiative and encouraged students to embrace the programme with dedication, integrity and enthusiasm.
Earlier, the Director of Currency Operations and Branch Management Department, Adetona Adedeji, described the inauguration as a major step toward preserving the value and integrity of Nigeria’s currency.
Adedeji said the establishment of the Naira Ambassadors Club reflects the bank’s belief that lasting behavioural change begins with education.
He noted that young people possess a unique ability to influence positive attitudes within their homes, schools and communities.
“By equipping you with the knowledge and understanding of proper currency handling, we are investing in a generation of responsible citizens who will champion respect for our national symbol,” he said.
He urged students to serve as ambassadors for the naira by discouraging the mutilation and defacing of banknotes and promoting responsible handling of the national currency wherever they go.
The launch of the Naira Ambassadors Club forms part of the CBN’s ongoing efforts to promote respect for the naira, reduce currency replacement costs and encourage greater civic responsibility among Nigerians.
