CBN warns Nigerians: Stop mutilating and spraying the naira
By Aboki Forex —
The Central Bank of Nigeria has warned that defacing and mishandling the naira is costing the country money. CBN Governor Olayemi Cardoso said the abuse of banknotes increases the cost of replacing damaged currency and disrupts circulation.
Cardoso spoke in Abuja at the launch of the Naira Ambassadors Club. The initiative aims to teach students how to handle the naira properly and promote respect for the national currency.
He explained that the CBN spends heavily to produce durable and secure banknotes. But that investment is wasted when Nigerians write on, staple, or spray the notes at events.
“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.
The CBN governor stressed that protecting the naira is not just the bank's job. He called it a collective duty for all Nigerians. The way citizens treat the currency reflects their respect for national values and public resources.
Cardoso said the CBN will continue awareness campaigns and educational programs like the Naira Ambassadors Club to strengthen public confidence in the naira.
He described the naira as more than just paper and polymer. It is a symbol of Nigeria's identity.