CBN warns Nigerians against abusing the Naira
By Aboki Forex —
The Central Bank of Nigeria has raised the alarm over the continued abuse of the Naira. Governor Olayemi Cardoso said the defacing and mutilation of banknotes is putting pressure on the country and shortening the lifespan of the currency.
Cardoso spoke on Tuesday in Abuja at the launch of the Naira Ambassadors Club. The programme is designed to teach students how to handle the country's legal tender properly.
The CBN boss said the bank spends huge sums to produce clean, durable and secure banknotes. But he stressed that the success of that investment depends on how citizens treat the notes once they enter circulation.
“When banknotes are defaced, mutilated or mishandled, they deteriorate faster than expected. This increases replacement costs, disrupts circulation and imposes avoidable financial burdens on the nation,” Cardoso said.
He added that every Nigerian has a duty to respect the Naira. Protecting it goes beyond preserving paper money. It reflects the country's identity, public resources and civic responsibility.
Cardoso said the CBN will continue to strengthen public confidence in the Naira through enlightenment campaigns, stakeholder collaboration and initiatives like the Naira Ambassadors Club.
He described the Naira as more than paper and polymer. It is the legal tender of Nigeria, supports trade and investment, drives economic activities and serves as a symbol of national sovereignty.
Every banknote carries portraits of distinguished Nigerians, national symbols and security features designed to maintain confidence in the monetary system, he noted.
Cardoso maintained that preserving the Naira is not just the job of the Central Bank. It is a national obligation that requires the active participation of every citizen.
He said lasting social change begins with education. Young people can influence their families, classmates and communities through positive behaviour. The Naira Ambassadors Club aims to raise a generation of students who understand the value of money.