…Warns against naira abuse
The Central Bank of Nigeria has raised alarm over the growing misuse of the naira, warning that persistent abuse of the country’s banknotes is driving up replacement costs and shortening their lifespan.
Speaking on Tuesday in Abuja at the inauguration of the Naira Ambassadors Club, CBN Governor Olayemi Cardoso stressed the need for Nigerians to treat the nation’s legal tender with greater care and responsibility.
The newly launched initiative is aimed at educating young people on proper currency handling while promoting respect for the naira as a symbol of national identity.
Cardoso noted that the apex bank commits significant resources to producing clean, durable and secure banknotes to support economic activities, but said the effectiveness of that effort depends on how citizens handle the notes after they enter circulation.
According to him, safeguarding the naira is a collective responsibility, as it represents more than just a medium of exchange.
“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.
He reiterated the bank’s commitment to preserving trust in the national currency through continuous public sensitisation, partnerships with stakeholders and educational programmes like the Naira Ambassadors Club.
Describing the naira as central to Nigeria’s economic system, Cardoso said it facilitates trade, supports investments and stands as a key symbol of the nation’s sovereignty.
He also pointed out that each banknote carries the images of notable Nigerians, national symbols and advanced security features that reinforce public confidence in the financial system.
The CBN Governor emphasized that protecting the naira should not be viewed solely as the duty of the apex bank but as a national obligation requiring citizens’ active involvement.
He said educating the younger generation is crucial to achieving long-term behavioural change, noting that students can influence their peers, families and wider communities.
Cardoso explained that the Naira Ambassadors Club was created to nurture a generation that understands both the value of money and the significance of preserving the country’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.
Encouraging the students to embrace leadership roles, he reminded them that influence, not titles, defines true leadership.
“Leadership begins with influence. You do not need to occupy public office before making meaningful contributions to national development. Every conversation you have, every friend you educate and every positive example you set contributes to building a more responsible society,” he said.
He urged them to demonstrate their commitment by protecting the naira through their everyday actions.
In her remarks, CBN Deputy Governor Emem Usoro described the launch of the club as more than a public awareness drive, calling it a strategic effort 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 crumpling them into pockets continue to damage the naira, increase replacement expenses and undermine its dignity.
She maintained that regulations alone cannot solve the problem, stressing that education and value orientation must begin at an early stage.
According to her, the Naira Ambassadors Club is designed to equip young Nigerians with the awareness and confidence to champion proper currency handling in schools, homes and their communities.
Usoro added that the programme marks the start of a broader long-term campaign to strengthen civic values, patriotism and financial literacy among students nationwide.
Earlier, Director of Currency Operations and Branch Management, Adetona Adedeji, described the initiative as a vital step in protecting the integrity of Nigeria’s currency.
“The establishment of the Naira Ambassadors Club reflects the Bank’s conviction that meaningful behavioural change begins with education. Young people possess 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 called on students to take up the responsibility of educating others, discouraging the defacement of banknotes and promoting respect for the naira wherever they go.
SOURCE: thepointng.com
