Persistent abuse, mutilation and improper handling of the naira are imposing unnecessary financial costs on Nigeria, Governor of the Central Bank of Nigeria, Olayemi Cardoso, has warned.

Speaking at the inauguration of the Naira Ambassadors Club in Abuja, Cardoso said the Central Bank’s investment in producing clean, durable and secure banknotes can only achieve its intended purpose if members of the public handle the currency responsibly.

According to Channels Television, the CBN governor stressed that protecting the naira should be viewed as a collective national responsibility.

“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,” Cardoso said.

He added that preserving the currency is not merely an operational concern for the apex bank but a matter of national importance.

Cardoso described the naira as more than paper and polymer, noting that it serves as Nigeria’s legal tender, supports economic activity, facilitates savings and investment, and remains a symbol of national identity and sovereignty.

He said every banknote reflects the nation’s history through portraits of notable Nigerians, national symbols and security features designed to maintain public confidence in the monetary system.

Youths Targeted as Agents of Change

The CBN inaugurated the Naira Ambassadors Club with 175 students from seven schools as pioneer members. The initiative is aimed at promoting respect for the national currency among young Nigerians and encouraging positive behavioural change within communities.

Cardoso said education remains one of the most effective tools for achieving lasting social transformation, describing young people as influential agents of change capable of shaping attitudes within families, schools and society.

“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,” he said.

The governor urged the students to educate their peers on proper currency handling practices and discourage actions such as writing on banknotes, stapling them, mutilating them or spraying them during social events.

Building Confidence in the Naira

Cardoso linked the initiative to Nigeria’s growing international recognition, citing the CBN’s recent Central Bank of the Year 2025 award as evidence of progress made by the institution.

He called on students and participating schools to lead by example and become centres of excellence in promoting respect for the naira.

The initiative, he said, forms part of the CBN’s broader strategy to strengthen public confidence in the national currency through public awareness campaigns, stakeholder engagement and educational programmes.

Cardoso maintained that protecting the naira goes beyond preserving banknotes, saying it is also about safeguarding national identity, conserving public resources and encouraging responsible citizenship.