CBN Launches Youth Club to Stop Costly Naira Abuse
By Patience Ikpeme
The Central Bank of Nigeria (CBN) has raised concerns over the massive resources lost to the improper handling of the local currency, warning that the heavy investment made to produce clean, durable, and secure banknotes is being compromised by public abuse.
Speaking in Abuja at the inauguration of the Naira Ambassadors Club, CBN Governor Olayemi Cardoso stated that while the apex bank remains focused on supplying high-quality currency to support the economy, the ultimate lifespan of the notes rests with the citizens.
He noted that protecting the legal tender is a direct reflection of national identity, public resource preservation, and responsible citizenship.
“When banknotes are defaced, mutilated or mishandled, they deteriorate more rapidly than expected,” Governor Cardoso stated during his keynote address. “This increases replacement costs, disrupts the efficiency of currency circulation and imposes avoidable financial burdens on the nation.”
The CBN Governor described the Naira as far more than paper and polymer, labeling it a visible expression of Nigeria’s sovereignty that drives trade, savings, and investments. He explained that the portraits and symbols on each note carry the country’s history, making currency preservation a collective civic duty rather than a routine operational task for the central bank.
To drive a lasting behavioral shift, the apex bank is banking on the younger generation. The newly established Naira Ambassadors Club aims to mobilize students to lead advocacy campaigns against deep-rooted practices that damage banknotes.
Addressing the youth in attendance, Cardoso said, “Dear students, Leadership begins with influence. You do not need to occupy public office before making meaningful contributions to national development. Every conversation you have, every friend you educate and every positive example you set contributes to building a more responsible society.”
He urged the students to take active roles in checking currency abuse, instructing them to educate their peers and families against writing on, stapling, mutilating, or spraying money at social gatherings.
Supporting this stance, the Deputy Governor of the CBN, Ms. Em Usoro, stated that improper handling remains a persistent bottleneck for the financial regulator. She enumerated common abuses—including squeezing notes into pockets, spraying during celebrations, and stapling—as acts that lower the dignity of a primary national symbol while spiking the cost of printing replacements.
“Every nation takes pride in its currency because it represents more than a medium of exchange,” Usoro stated in her opening remarks. “It embodies national sovereignty, economic stability, public confidence and our collective identity as a people.”
She stated that legislative regulation and law enforcement are not enough to fix the problem, making early childhood education and value cultivation the most viable alternatives. The vision of the club, according to the Deputy Governor, is to foster a nationwide network of young citizens who will champion financial literacy and civic pride.
In his welcome address, the Director of the Currency Operations and Branch Management Department, Dr. Adetona Sikiru Adedeji, disclosed that the launch brought together 175 students from seven schools, alongside their educators.
Adedeji stated that the turnout proves that safeguarding the currency is a shared societal responsibility. He stated that by arming teenagers with the right information on currency management, the bank is securing a disciplined populace for the future.
“The establishment of the Naira Ambassadors Club reflects the Bank’s conviction that meaningful behavioural change begins with education,” Adedeji said. “Young people possess enormous capacity to influence positive attitudes within their homes, schools, communities and across society. By equipping you with the knowledge and understanding of proper currency handling, we are investing in a generation of responsible citizens who will champion respect for our national symbol.”
He added that the inductees are expected to step into their roles immediately as active advocates, ensuring that the dignity of the nation’s monetary system is maintained across their respective communities.
