CBN launches Naira Ambassadors Club to promote respect for national currency

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has launched the CBN Naira Ambassadors Club, an initiative aimed at promoting respect for and proper handling of the Naira among young Nigerians.

 

The programme, inaugurated with secondary school students in the Federal Capital Territory, is designed to educate youths on the importance of preserving the country’s currency and discouraging practices that damage banknotes.

 

Speaking at the launch, Cardoso described the Naira as more than a means of exchange, noting that it represents Nigeria’s identity and sovereignty.

 

“The Naira is much more than paper and polymer. It is the legal tender of the Federal Republic of Nigeria. It facilitates trade, supports economic activity, enables savings and investment, and serves as a visible expression of our national identity and sovereignty,” he said.

 

According to the CBN governor, every Nigerian has a responsibility to treat the national currency with care, stressing that damaged notes increase replacement costs and place unnecessary financial burdens on the country.

 

“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 stated.

 

Also speaking, the CBN Deputy Governor for Operations, Emem Usoro, described the initiative as part of the bank’s commitment to protecting one of Nigeria’s most important national assets.

 

She said the Naira represents national sovereignty, economic stability and public confidence, lamenting widespread practices such as writing on banknotes, stapling, spraying money at events and other forms of abuse.

 

“Practices such as writing on banknotes, stapling, spraying during celebrations, squeezing notes into pockets, mutilation and other forms of abuse reduce the lifespan of our currency, increase replacement costs and diminish the respect due to one of our foremost national symbols,” she said.

 

Usoro explained that the programme seeks to instil positive values in young Nigerians and empower them to become advocates for proper currency handling within their schools, homes and communities.

 

The Director of Currency Operations and Branch Management, Dr. Adetona Adedeji, said preserving the Naira is a collective responsibility and disclosed that the campaign would be expanded across the country.

 

According to him, the initiative is expected to raise awareness against currency abuse, including the spraying of banknotes at social events, while encouraging greater respect for the Naira nationwide.