The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has warned that the persistent abuse, mutilation and improper handling of the Naira imposes avoidable financial costs on the country, stressing that safeguarding the currency must be a collective civic responsibility.

Speaking at the inauguration of the CBN’s Naira Ambassadors Club in Abuja, Cardoso said the bank’s investment in clean, durable and secure banknotes could only succeed if the public handled the currency properly.

“When banknotes are defaced, mutilated, or improperly handled, they deteriorate much faster than expected. This increases replacement costs, disrupts the efficiency of currency circulation, and imposes avoidable financial burdens on the nation,” he said.

He described the Naira as more than paper and polymer, noting it serves as legal tender, supports savings and investment, and remains a symbol of Nigeria’s identity and sovereignty.

Cardoso inaugurated the club with 175 students from seven schools as pioneer members, saying the initiative aimed to instill respect for the currency among young Nigerians and leverage their influence to drive behavioral change. He urged the students to educate classmates against writing on, stapling, mutilating or spraying banknotes at social events.

He linked the initiative to the CBN’s recent recognition as Central Bank of the Year 2025, saying it underscored the importance of sustaining reforms and positive national values.

Deputy Governor Emem Usoro said regulation and enforcement alone would not solve the problem, stressing that sustainable change must come through education and the cultivation of positive values from an early age. Director of Currency Operations Adetona Sikiru Adedeji described the launch as a major milestone in preserving the integrity and value of the currency.