Governor Cardoso warns that defacing banknotes is costing the nation billions, as apex bank turns to students to lead behavioural change campaign
The Central Bank of Nigeria (CBN) has raised concerns over the persistent abuse of the naira, warning that the defacing and mutilation of banknotes are increasing currency management costs and shortening the lifespan of the nation’s legal tender.
Governor Olayemi Cardoso issued the warning on Tuesday in Abuja during the inauguration of the Naira Ambassadors Club, a programme designed to educate students on proper currency handling and promote respect for the national currency.
Cardoso revealed that the apex bank commits significant resources to producing clean, durable and secure banknotes, but noted that the effectiveness of this investment depends heavily on how citizens treat the currency after it enters circulation.
“This Is a Collective Responsibility”
“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.
The CBN governor stressed that safeguarding the naira is a collective responsibility, adding that respect for the national currency reflects citizens’ commitment to protecting public resources and national identity.
Describing the naira as “more than paper and polymer,” Cardoso emphasised that the currency serves as Nigeria’s legal tender, facilitates trade and investment, supports economic activities, and symbolises the country’s sovereignty.
Each banknote bears the images of notable Nigerians, national symbols and security features designed to sustain trust in the monetary system.
He added that preserving the naira should not be viewed solely as the CBN’s responsibility but as a national duty requiring the participation of all Nigerians.
Students as Agents of Change
Cardoso explained that the Naira Ambassadors Club was created to nurture students who understand both the value of money and the importance of protecting the nation’s currency.
“As Naira Ambassadors, you are expected to become advocates of proper currency handling. You will educate your classmates on why banknotes should not be written on, stapled, mutilated or sprayed at social events. You will encourage responsible currency handling in your homes and communities,” he told the students.
Addressing the young ambassadors, Cardoso urged them to see leadership as a matter of influence rather than position.
“Leadership begins with influence. You do not need to occupy a public office before making meaningful contributions to national development.
Every conversation you have, every friend you educate and every positive example you set contribute to building a more responsible society,” he said.
“Education, Not Enforcement Alone”
In her remarks, Deputy Governor of Corporate Services, Emem Usoro, described the club’s launch as part of the bank’s broader efforts to protect one of Nigeria’s most important national assets.
“Every nation takes pride in its currency because it represents more than a medium of exchange. It embodies national sovereignty, economic stability, public confidence and our collective identity as a people,” Usoro said.
She lamented that practices such as writing on banknotes, stapling them, spraying them during celebrations and squeezing them into pockets continue to damage the currency, increase replacement costs and diminish the respect due to a national symbol.
Usoro stressed that lasting behavioural change cannot be achieved through enforcement alone but must be driven by education, awareness and the cultivation of positive values from an early age.
The Naira Ambassadors Club, she explained, seeks to equip young Nigerians with the knowledge, values and confidence required to promote proper currency handling in their schools, homes and communities. The initiative aims to build a nationwide network of young advocates who would encourage respect for the naira among their peers and contribute to greater financial literacy and civic responsibility.
Investing in Future Generations
Earlier, Director of Currency Operations and Branch Management, Adetona Adedeji, described the inauguration as a significant step towards protecting the value and integrity of Nigeria’s currency.
“The establishment of the Naira Ambassadors Club reflects the Bank’s conviction that meaningful behavioural change begins with education. Young people possess an enormous capacity to influence positive attitudes within their homes, schools, communities and across society,” Adedeji said.
He urged the students to serve as advocates for proper currency handling by discouraging the mutilation and defacing of banknotes and promoting responsible use of the naira wherever they find themselves.
