The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has unveiled the CBN Naira Ambassadors Club, a new initiative designed to encourage Nigerians, particularly young people, to treat the nation’s currency with greater care and respect.
The programme was officially launched on Monday at the Central Bank headquarters in Abuja, with students from secondary schools across the Federal Capital Territory (FCT) forming the pioneer members of the club.
Why the CBN Created the Naira Ambassadors Club
Speaking during the inauguration, Cardoso said the initiative was introduced in response to the increasing costs associated with printing and replacing damaged naira notes.
According to him, the Central Bank spends significant resources annually replacing banknotes that have been defaced, mutilated, or improperly handled by members of the public.
He stressed that the naira is more than just a means of payment, describing it as an important symbol of Nigeria’s national identity, sovereignty, and economic stability.
“The naira is much more than paper and polymer. It is the legal tender of the Federal Republic of Nigeria and a key instrument that supports trade, savings, investment, and economic activities across the country,” he said.
Naira Reflects Nigeria’s Identity
Cardoso noted that every Nigerian banknote contains national symbols, security features, and images of notable citizens who have contributed to the country’s development.
According to him, these elements make the currency an important representation of the nation’s history and values.
“Every banknote tells a story about Nigeria. It carries symbols of our heritage and portraits of distinguished Nigerians, while also incorporating security features designed to maintain public trust in our monetary system,” he stated.
Concerns Over Naira Abuse and Mutilation
The CBN governor expressed concern over the widespread abuse of the naira, including spraying, writing on banknotes, folding them excessively, and other forms of misuse that reduce their lifespan.
He explained that damaged notes deteriorate faster than expected, forcing the apex bank to spend additional funds on replacement and disrupting the efficiency of currency circulation.
“When banknotes are defaced, mutilated, or mishandled, they wear out more quickly. This increases replacement costs, affects the smooth circulation of currency, and creates unnecessary financial burdens for the country,” Cardoso said.
Currency Preservation Is a National Responsibility
Cardoso emphasized that protecting the integrity of the naira should not be viewed solely as the responsibility of the Central Bank.
Instead, he called on all Nigerians to play an active role in preserving the country’s currency.
“The preservation of our currency is not just an operational responsibility of the Central Bank; it is a national duty that requires the cooperation of every Nigerian,” he added.
Club to Educate Young Nigerians
The Naira Ambassadors Club is expected to serve as a platform for educating students about proper currency handling and the economic importance of preserving banknotes.
The initiative forms part of the CBN’s broader efforts to promote financial literacy, strengthen public confidence in the naira, and reduce the cost of replacing damaged currency across the country.