The Central Bank of Nigeria has raised concerns over the persistent abuse of the naira, warning that the defacing and mutilation of banknotes are increasing the cost of currency management and shortening the lifespan of the nation’s legal tender.
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, gave the warning on Tuesday in Abuja during the inauguration of the Naira Ambassadors Club, a programme aimed at educating students on the proper handling of the national currency and promoting respect for the naira.
Cardoso said the apex bank commits significant resources to producing clean, durable and secure banknotes for use across the economy, but noted that the effectiveness of that investment depends on how citizens treat the currency after it enters circulation.
He stressed that safeguarding the naira is a collective responsibility, adding that respect for the national currency reflects citizens’ commitment to protecting public resources and national identity.
“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 said the bank would continue to promote confidence in the naira through sustained public enlightenment campaigns, stakeholder engagement and educational programmes such as the Naira Ambassadors Club.
Describing the naira as more than paper and polymer, Cardoso said the currency serves as Nigeria’s legal tender, facilitates trade and investment, supports economic activities and symbolises the country’s sovereignty.
According to him, every banknote bears the images of notable Nigerians, national symbols and security features designed to sustain trust in the monetary system.
He added that preserving the naira should not be viewed solely as the responsibility of the Central Bank but as a national duty requiring the participation of all Nigerians.
Cardoso said the bank believes education remains one of the most effective tools for driving behavioural change, noting that young people can influence positive attitudes within their families, schools and communities.
He explained that the Naira Ambassadors Club was created to nurture students who understand both the value of money and the importance of protecting 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.
Addressing the students, Cardoso urged them to see leadership as a matter of influence rather than position.
“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 said.
He encouraged them to demonstrate their commitment through daily actions and by promoting respect for the nation’s shared heritage.
In her remarks, the Deputy Governor, Corporate Services Directorate, Emem Usoro, described the launch of the club as part of the bank’s broader efforts to protect one of Nigeria’s most important national assets.
“Every nation takes pride in its currency because it represents more than a medium of exchange. It embodies national sovereignty, economic stability, public confidence and our collective identity as a people,” she said.
Usoro lamented that practices such as writing on banknotes, stapling them, spraying them during celebrations and squeezing them into pockets continue to damage the currency, increase replacement costs and diminish the respect due to a national symbol.
She said lasting behavioural change could not be achieved through enforcement alone but must be driven by education, awareness and the cultivation of positive values from an early age.
According to her, the Naira Ambassadors Club seeks to equip young Nigerians with the knowledge, values and confidence required to promote proper currency handling in their schools, homes and communities.
Usoro said the initiative would help build a nationwide network of young advocates who would encourage respect for the naira among their peers and contribute to greater financial literacy and civic responsibility.
She also commended participating schools for supporting the programme and urged students to embrace the initiative with commitment, integrity and enthusiasm.
Earlier, the Director of Currency Operations and Branch Management Department, Adetona Adedeji, described the inauguration as a significant step towards protecting the value and integrity of Nigeria’s currency.
Adedeji said the programme reflects the bank’s conviction that sustainable behavioural change begins with education.
“The establishment of the Naira Ambassadors Club reflects the Bank’s conviction that meaningful behavioural change begins with education.
“Young people possess an enormous capacity to influence positive attitudes within their homes, schools, communities and across society.
“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 the students to serve as advocates for proper currency handling by discouraging the mutilation and defacing of banknotes and promoting responsible use of the naira wherever they find themselves.
