CBN Moves Against Naira Abuse, Unveils Ambassadors Club

The Central Bank of Nigeria (CBN) on Tuesday launched the Naira Ambassadors Club, a new initiative aimed at promoting proper handling of the national currency and reducing the growing incidence of naira mutilation across the country.

Speaking at the inauguration in Abuja, CBN Governor Olayemi Cardoso said the initiative would leverage the influence of young Nigerians to drive behavioural change and foster greater respect for the naira.

Cardoso described the naira as more than a medium of exchange, noting that it represents Nigeria’s sovereignty, identity and economic stability.

According to him, the apex bank continues to invest significant resources in producing clean, durable and secure banknotes, but such efforts are undermined when notes are defaced, mutilated, stapled, sprayed at social events or otherwise mishandled.

“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,” he said.

The governor said 175 students drawn from seven schools had been selected as pioneer members of the club. He charged them to become advocates of proper currency handling in their schools, homes and communities.

Cardoso said the initiative was founded on the belief that lasting social change begins with education and that young people remain powerful agents of positive transformation.

He urged the students to educate their peers on why banknotes should not be written on, mutilated, stapled or sprayed during celebrations.

Deputy Governor of Corporate Services, Bala Bello, said the club was designed to complement regulatory and enforcement efforts through education and public awareness.

He noted that improper handling of the naira continues to shorten the lifespan of banknotes, increase replacement costs and diminish respect for one of the country’s foremost national symbols.

Bello said the CBN intends to build a nationwide network of young ambassadors who will promote responsible currency handling and civic values across schools and communities.

He added that the initiative would also encourage financial literacy, patriotism and responsible citizenship among students.

The CBN said the Naira Ambassadors Club forms part of its broader strategy to strengthen public confidence in the national currency through stakeholder engagement, public enlightenment and sustained advocacy.

Director of Currency Operations and Branch Management, CBN, Dr. Adetona Sikiru Adedeji said the Naira Ambassadors Club was designed to instil the values of responsibility, patriotism and respect for the national currency among young Nigerians.

According to him, the initiative seeks to engage students as advocates of proper naira handling and encourage them to influence their peers, families and communities to treat the currency with dignity.

He disclosed that the programme would be expanded beyond the Federal Capital Territory to all states of the federation.

Adedeji said the CBN Governor had directed that the initiative be implemented through the bank’s branches nationwide, leveraging the institution’s presence across the country to deepen awareness on proper currency handling.

The director said the sustainability of the programme would depend on continuous engagement, monitoring and collaboration with stakeholders. He noted that the CBN plans to work closely with schools, non-governmental organisations and other institutions that share its vision, while integrating naira-handling advocacy into school activities.

Adedeji also commended Nollywood actress and filmmaker Funke Akindele for promoting proper handling of the naira in one of her productions, describing it as an example of the kind of voluntary support the apex bank hopes to receive from influential Nigerians.