(Governor Olayemi Cardoso. photo by Nation News)
The Central Bank of Nigeria has raised the alarm 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 shortening the lifespan of the national 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 on responsible handling of the country’s legal tender.
Cardoso said the apex bank spends substantial resources producing clean, durable, and 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.
He warned that when banknotes are defaced, mutilated, or mishandled, they deteriorate faster than expected, increasing replacement costs, disrupting currency circulation, and imposing avoidable financial burdens on the nation.
He described the Naira as more than paper and polymer, noting that it serves as a symbol of Nigeria’s sovereignty and national identity, supports trade and investment, and drives economic activity.
He maintained that preserving it is not solely an operational responsibility of the CBN but a national obligation requiring the active participation of every citizen.
Cardoso said 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 national currency.
He urged the student ambassadors to educate their classmates against writing on, stapling, mutilating, or spraying banknotes at social events, and to encourage responsible currency handling in their homes and communities.
CBN Deputy Governor Ms. Emem Usoro, in her opening remarks, described the inauguration as part of the bank’s continued effort to safeguard one of Nigeria’s most valuable national assets.
She expressed concern that practices such as writing on banknotes, stapling them, spraying them during celebrations, and squeezing them into pockets continued to reduce the currency’s lifespan and diminish the respect due to a national symbol.
She stressed that lasting improvement could not be achieved through regulation and enforcement alone but must be driven by education and the development of positive values from an early age.
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, and encouraged the students to serve as advocates for proper currency handling within their schools, homes, and communities.