Persistent abuse, mutilation, and improper handling of the Naira impose avoidable financial costs on the country, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, warned on Tuesday.

He spoke at the inauguration of the CBN’s Naira Ambassadors Club in Abuja.

Cardoso said the bank’s investment in producing clean, durable, and secure banknotes could only achieve the desired impact if members of the public handled the currency properly after it entered circulation.

He stressed that safeguarding the national currency must be regarded as a collective civic responsibility.

He said, “When banknotes are defaced, mutilated, or improperly handled, they deteriorate much faster than expected. This increases replacement costs, disrupts the efficiency of currency circulation, and imposes avoidable financial burdens on the nation.

“The preservation of our currency is therefore not merely an operational concern for the Central Bank; it is a matter of national responsibility.”

The CBN governor described the Naira as much more than paper and polymer, noting that it serves as the country’s legal tender, facilitates economic activities, supports savings and investment, and remains a visible symbol of Nigeria’s identity and sovereignty.

According to him, every banknote tells a story about the nation through the portraits of distinguished Nigerians, national symbols, and security features embedded in it to sustain public confidence in the monetary system.

He stressed that the CBN continually invests significant resources in producing clean, durable, and secure banknotes to meet the needs of our economy, noting that “preservation of our currency is therefore not merely an operational concern for the Central Bank; it is a matter of national responsibility”.

Cardoso, who inaugurated the club with 175 students drawn from seven schools as pioneer members, said the initiative was designed to instill a culture of respect for the national currency among young Nigerians and leverage their influence to drive behavioural change across communities.

He said lasting social transformation is most effective when driven through education, adding that young people remain powerful agents of change capable of influencing families, schools, and wider society.

The central bank governor said, “The Naira Ambassadors Club is founded on this conviction. Through this platform, we seek to nurture a generation of young Nigerians who understand not only the value of money but also the responsibility that comes with preserving a national 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.”

The governor linked the initiative to Nigeria’s growing international reputation, recalling the recent recognition of the CBN as the Central Bank of the Year 2025.

He said the award reflected the progress achieved by the apex bank in recent years and underscored the importance of sustaining reforms and positive national values.

Cardoso urged the students to lead by example and become champions of civic responsibility, stressing that patriotism is demonstrated not only through grand gestures but also through everyday actions that protect national heritage.

He further challenged the participating schools to become centers of excellence in promoting respect for the naira and set standards for others to emulate.

According to him, the initiative aligned with the CBN’s broader efforts to strengthen public confidence in the nation’s currency through sustained public enlightenment, stakeholder engagement, and innovative educational programmes.

He maintained that protecting the local currency was ultimately about safeguarding national identity, preserving public resources, and promoting responsible citizenship.

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