The Central Bank of Nigeria has raised concerns over the persistent abuse of the naira, warning that the defacing and mutilation of banknotes are increasing the cost of currency management and shortening the lifespan of the nation’s legal tender.
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, gave the warning on Tuesday in Abuja during the inauguration of the Naira Ambassadors Club, a programme aimed at educating students on the proper handling of the national currency and promoting respect for the naira.
Cardoso said the apex bank commits significant resources to producing clean, durable and secure banknotes for use across the economy, but noted that the effectiveness of that investment depends on how citizens treat the currency after it enters circulation.
He stressed that safeguarding the naira is a collective responsibility, adding that respect for the national currency reflects citizens’ commitment to protecting public resources and national identity.
“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.
The CBN governor said the bank would continue to promote confidence in the naira through sustained public enlightenment campaigns, stakeholder engagement and educational programmes such as the Naira Ambassadors Club.
Describing the naira as more than paper and polymer, Cardoso said the currency serves as Nigeria’s legal tender, facilitates trade and investment, supports economic activities and symbolises the country’s sovereignty.