James Emejo in Abuja

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, yesterday warned that the persistent abuse, mutilation and improper handling of the Naira imposes avoidable financial costs on the country, stressing that safeguarding the national currency must be regarded as a collective civic responsibility.

Speaking at the inauguration of the CBN’s Naira Ambassadors Club in Abuja, Cardoso said the apex 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 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 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.

Cardoso said 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.

The governor also 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.

Earlier, CBN Deputy Governor, Operations Directorate, Emem Usoro, described the inauguration as more than a public enlightenment campaign, stressing that it reflected the apex bank’s commitment to protecting one of Nigeria’s most important national assets.

She noted that while the naira serves as a medium of exchange, it also embodies national sovereignty, economic stability and public confidence.

Usoro lamented that practices such as writing on banknotes, stapling, spraying money at social events and other forms of abuse continued to shorten the lifespan of the currency and increase replacement costs.

She, however, stressed that regulation and enforcement alone would not solve the problem.

She said, “Addressing this challenge requires more than regulation and enforcement. Sustainable change must come through education, awareness and the cultivation of positive values from an early age.

“The vision behind this initiative is simple but profound — to empower young Nigerians with the knowledge, values and confidence to become advocates for proper currency handling within their schools, families and communities.”

She added that the CBN envisioned the Naira Ambassadors Club evolving into a nationwide platform for promoting civic responsibility, financial literacy and patriotism among students across the country.

Also, in his remarks, CBN Director, Currency Operations and Branch Management Department, Dr. Adetona Sikiru Adedeji, described the launch of the club as a major milestone in efforts to preserve the integrity, dignity and value of the nation’s currency.

He said the programme reflected the bank’s belief that meaningful behavioural change begins with education and that young people possess enormous capacity to influence positive attitudes within their homes, schools and communities.

Adedeji said the initiative would equip students with the knowledge required to promote responsible currency handling and discourage practices that deface or mutilate banknotes.

He added that the programme was carefully designed not only to formally inaugurate the club but also to provide a platform for learning, interaction and the exchange of ideas aimed at strengthening respect for the naira and fostering responsible citizenship among the younger generation.