The Central Bank of Nigeria (CBN) has expressed concern over the increasing abuse of the Naira, warning that the continued defacing and mutilation of banknotes is placing unnecessary financial pressure on the country and reducing the lifespan of the nation’s currency.

CBN Governor Olayemi Cardoso gave the warning on Tuesday in Abuja while delivering the keynote address at the inauguration of the Naira Ambassadors Club, an initiative designed to educate students and encourage responsible handling of the country’s legal tender.

Cardoso said the apex bank spends substantial resources producing clean, durable and highly secure banknotes to meet the needs of the Nigerian economy, but stressed that the success of that investment depends largely on how citizens handle the notes after they enter circulation.

According to him, every Nigerian has a duty to respect the Naira because protecting it goes beyond preserving paper money and reflects the country’s identity, public resources and civic responsibility.

“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 added that the Central Bank would continue to strengthen public confidence in the national currency through sustained public enlightenment campaigns, collaboration with stakeholders and educational initiatives such as the Naira Ambassadors Club.

The CBN Governor described the Naira as more than paper and polymer, noting that it is the legal tender of Nigeria, supports trade and investment, drives economic activities and serves as a symbol of the country’s sovereignty and national identity.

He said every banknote carries the portraits of distinguished Nigerians, national symbols and security features carefully designed to maintain confidence in the country’s monetary system.

Cardoso maintained that preserving the Naira is not solely an operational responsibility of the Central Bank but a national obligation that requires the active participation of every citizen.

He explained that experience has shown that lasting social change begins with education, adding that young people have the capacity to influence their families, classmates and communities through positive behaviour.

According to him, the Naira Ambassadors Club was established to raise a generation of students who understand not only the value of money but also 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 said leadership is built on influence rather than position.

“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 the students to prove themselves as ambassadors through their daily actions and commitment to protecting the nation’s shared heritage.

In her opening remarks, the Deputy Governor of the CBN, Ms. Emem Usoro, said the inauguration of the club represents more than another public awareness campaign, describing it as part of the bank’s continued effort to safeguard one of Nigeria’s most valuable 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 expressed concern that practices such as writing on banknotes, stapling them, spraying them during celebrations, squeezing them into pockets and other forms of abuse continue to reduce the lifespan of the currency, increase replacement costs and diminish the respect due to a national symbol.

She said lasting improvement cannot be achieved through regulation and enforcement alone but must be driven by education, awareness and the development of positive values from an early age.

According to her, the vision of the Naira Ambassadors Club is to equip young Nigerians with the knowledge, values and confidence needed to promote proper currency handling within their schools, families and communities.

Usoro noted that by engaging students early, the Central Bank hopes to build a nationwide network of responsible ambassadors who will encourage respect for the Naira among their peers.

She added that the inauguration marks the beginning of a long-term initiative that will promote civic responsibility, financial literacy and patriotism among students across the country.

She also commended the participating schools for supporting the programme and urged them to embrace the initiative with enthusiasm, integrity and pride while actively participating in its activities.

Earlier, the Director of Currency Operations and Branch Management Department, Dr. Adetona Sikiru Adedeji, described the event as an important step towards preserving the dignity and value of Nigeria’s currency.

Adedeji said the establishment of the Naira Ambassadors Club reflects the bank’s belief that lasting behavioural change starts with education.

“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 encouraged the students to serve as advocates for proper currency handling by educating their peers, discouraging the defacing and mutilation of banknotes and promoting responsible use of the Naira wherever they find themselves. (The Nation)