The Central Bank of Nigeria (CBN) has warned that the growing practice of defacing and mutilating naira notes is shortening the lifespan of the nation’s legal tender and raising the cost of currency management.
Governor Olayemi Cardoso issued the warning on Tuesday at the inauguration of the Naira Ambassadors Club, a CBN initiative to teach students proper handling of the naira and promote respect for the currency.
Cardoso said the apex bank spends significant resources producing clean, durable and secure banknotes, but the benefits are undermined when notes are mishandled in circulation. “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.
Describing the naira as more than paper and polymer, Cardoso said the currency facilitates trade, supports economic activity and symbolises Nigeria’s sovereignty. He added that every citizen has a role to play in preserving it.
The Naira Ambassadors Club is designed to nurture students who will campaign against damaging practices such as writing on notes, stapling, spraying banknotes at social events and other forms of mutilation. Cardoso said education is a key tool for behavioural change and urged students to use their influence to promote responsible currency handling at home and in their communities.
“Leadership begins with influence. You do not need to occupy a public office before making meaningful contributions to national development,” he told the students.
Deputy Governor, Corporate Services Directorate, Emem Usoro described the club’s launch as part of the CBN’s broader effort to protect a vital national asset. She warned that practices that damage banknotes reduce public confidence and increase replacement costs, and said lasting change must be driven by education and awareness rather than enforcement alone.
Adetona Adedeji, director of the Currency Operations and Branch Management Department, said the programme reflects the bank’s conviction that sustainable behavioural change begins with educating young people, who can in turn shape attitudes within families and communities.
Participating schools were commended for supporting the initiative. The CBN said it will continue public enlightenment campaigns and stakeholder engagement to strengthen confidence in the naira.
