CBN Launches Naira Ambassadors Club to Tackle Currency Abuse Among Nigerian Youths

• CBN Governor Olayemi Cardoso has launched the Naira Ambassadors Club to promote respect for the naira
• The initiative aims to educate young Nigerians on the proper handling and preservation of banknotes
• Cardoso said the naira represents Nigeria’s sovereignty and identity, urging students to become advocates

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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria (CBN) has officially launched the CBN Naira Ambassadors Club, a nationwide campaign aimed at instilling respect for Nigeria's legal tender and promoting careful currency handling among the country's youthful population.

The initiative was rolled out in the Federal Capital Territory (FCT) with an engagement session involving secondary school students, who will serve as the primary ambassadors to champion the proper use of the naira within their schools and local communities.

Naira Ambassadors Club

During the launch event, CBN Governor, Olayemi Cardoso, emphasised that the naira transcends its role as a mere tool for transactions, recognising it as a potent emblem of Nigeria's unique identity, national sovereignty, and economic vitality.

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Governor Cardoso remarked, elaborating:

"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 further highlighted that each banknote in circulation incorporates elements that are steeped in Nigeria's rich history and culture, from the portraits of eminent Nigerians adorning them to the national symbols and the robust security features meticulously designed to safeguard the integrity of the monetary system.

Governor Cardoso asserted that the preservation of the Naira is a shared obligation, underscoring that the improper treatment of banknotes not only leads to increased operational costs but also impedes the smooth circulation of money.

The CBN boss stated:

"Every Nigerian has a responsibility to treat the Naira with respect.

He said the CBN spend heavily to produce clean, durable, and secure banknotes, a significant portion of which is lost to costly replacements necessitated by activities such as tearing, defacing, stapling, and other forms of abuse.

He added:

"The preservation of our currency is therefore not merely an operational concern for the Central Bank; it is a matter of national responsibility."

Naira symbol of pride

Also speaking, Emem Usoro Deputy Governor, Operations Directorate, described the Naira Ambassadors Club initiative as an integral part of the CBN's unwavering commitment to protecting one of Nigeria's most valuable national assets.

According to Usoro, currency stands as a symbol of national pride, economic stability, public confidence, and collective identity. She warned that the mistreatment of banknotes significantly diminishes the intrinsic value associated with the naira, leading to increased replacement expenditures for the country.

She cited common malpractices like writing, stapling, tearing, mutilating, spraying money during ceremonies, and squeezing banknotes as actions that dramatically shorten the lifespan of the currency and incur substantial replacement expenses.

Usoro noted:

"Sustainable change must come through education, awareness, and the cultivation of positive values from an early age."

Cash outside banks rose to N5.19trn

Earlier, Legit.ng reported that Currency outside Nigeria’s banking system rose to N5.193 trillion in May 2026, indicating persistent reliance on cash in the economy

From N5.083 trillion recorded in April 2026, it increased by 2.16% in May 2026.

The figure is also slightly higher than the N5.188 trillion recorded in February, showing that cash holdings remain elevated.