Cardoso Launches CBN Naira Ambassadors Club to Foster Currency Respect

By Emma Ujah, Abuja Bureau Chief

ABUJA — Olayemi Cardoso, Governor of the Central Bank of Nigeria, inaugurated the CBN Naira Ambassadors Club, a program designed to encourage proper handling and preservation of Nigeria’s currency.

The club, made up of secondary‑school students from the Federal Capital Territory, opened on Monday at the CBN headquarters in Abuja.

During the launch, Cardoso explained that the campaign was needed due to the significant resources the apex bank allocates to printing and replacing damaged banknotes.

He added that the Naira is more than a medium of exchange; it is a symbol of 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.

Cardoso pointed out that each banknote features national symbols, portraits of distinguished Nigerians, and security features that help maintain public confidence in the country’s monetary system.

“Every banknote tells a story about our nation. It carries the portraits of distinguished Nigerians, national symbols and security features carefully designed to preserve public confidence in our monetary system. For these reasons, every Nigerian has a responsibility to treat the Naira with respect,” he added.

He explained that while the bank continues to invest heavily in clean, durable, and secure banknotes, the success of those efforts depends largely on how the public handles the currency once it is in circulation.

He voiced concern about the widespread defacement, mutilation, and improper handling of the Naira, noting that these practices shorten the lifespan of banknotes and raise replacement costs.

“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.

He emphasized that preserving the Naira is a collective responsibility, not just the duty of the Central Bank.

“The preservation of our currency is therefore not merely an operational concern for the Central Bank; it is a matter of national responsibility,” he stated.

The Naira Ambassadors Club aims to raise awareness among young Nigerians about the importance of respecting and properly handling the national currency, contributing to broader efforts to preserve its integrity and lower the cost of replacing damaged notes.