CBN WARNS AGAINST NAIRA ABUSE, LAUNCHES STUDENT CLUB TO PROTECT NATIONAL CURRENCY

CBN WARNS AGAINST NAIRA ABUSE, LAUNCHES STUDENT CLUB TO PROTECT NATIONAL CURRENCY

The Central Bank of Nigeria (CBN) has raised fresh concerns over the persistent abuse and mishandling of the naira, warning that the growing trend of defacing and mutilating banknotes is increasing the cost of currency management and reducing the lifespan of Nigeria’s legal tender.

CBN Governor Olayemi Cardoso issued the warning on Tuesday in Abuja during the official inauguration of the Naira Ambassadors Club, a new initiative designed to educate students on proper currency handling while promoting respect for the nation’s currency.

Speaking at the event, Cardoso said the apex bank invests substantial resources in producing clean, durable, and secure banknotes for circulation across the economy, stressing that the success of that investment depends largely on how Nigerians handle the currency after it enters public use.

According to him, protecting the naira is a shared national responsibility, adding that respect for the country’s currency reflects citizens’ commitment to preserving public resources and safeguarding national identity.

“When banknotes are defaced, mutilated or poorly handled, they deteriorate much faster than expected. This increases replacement costs, disrupts efficient currency circulation and places unnecessary financial burdens on the country,” Cardoso said.

The CBN governor explained that the bank would continue efforts to strengthen public confidence in the naira through sustained awareness campaigns, stakeholder engagement, and educational initiatives such as the newly launched student club.

He described the naira as more than just paper or polymer used for transactions, emphasizing that it represents Nigeria’s sovereignty, supports trade and investment, facilitates economic activity, and serves as a symbol of national identity.

Cardoso noted that each naira note carries images of notable Nigerians alongside important security features designed to preserve trust within the country’s financial system.

He stressed that protecting the currency should not be seen as the sole responsibility of the Central Bank but as a civic duty requiring active participation from all Nigerians.

According to him, education remains one of the strongest tools for changing public behaviour, particularly among younger generations who can influence positive habits within families, schools, and communities.

The newly introduced Naira Ambassadors Club, he explained, was established to nurture students who understand both the value of money and the importance of preserving the integrity of Nigeria’s national currency.

Addressing participating students, Cardoso urged them to become advocates for responsible currency handling by discouraging harmful practices such as writing on banknotes, stapling cash, spraying money during celebrations, or physically damaging notes.

He encouraged them to use their influence positively, stating that leadership begins with everyday actions and not necessarily holding public office.

Also speaking at the event, Deputy Governor of the Corporate Services Directorate, Emem Usoro, described the initiative as part of broader efforts by the apex bank to protect one of Nigeria’s most valuable national assets.

She expressed concern that common practices such as squeezing banknotes into pockets, spraying cash at social events, writing on notes, and stapling them continue to damage the naira while increasing replacement costs.

Usoro said long-term behavioural change cannot rely on enforcement alone, stressing that awareness campaigns and value-based education remain critical in building lasting respect for the currency.

Earlier, Director of Currency Operations and Branch Management Department, Adetona Adedeji, said the programme reflects the CBN’s belief that meaningful behavioural change begins through education.

He added that empowering young Nigerians with knowledge about proper currency handling would help build a generation committed to protecting national symbols while promoting financial literacy and civic responsibility across society.

The initiative forms part of the Central Bank’s wider strategy to strengthen respect for the naira and encourage responsible financial behaviour among Nigerians nationwide.