CBN Again Warns Nigerians Against Naira Abuse as Cost of Replacing Damaged Notes Continues to Rise
CBN Again Warns Nigerians Against Naira Abuse as Cost of Replacing Damaged Notes Continues to Rise. The Central Bank of Nigeria (CBN) has once again warned Nigerians against abusing the naira, saying the continued defacing and mishandling of banknotes is increasing the country’s currency management costs and placing unnecessary financial pressure on the economy.
The apex bank said practices such as writing on banknotes, stapling them, spraying them at parties, squeezing them into pockets, and other forms of misuse are shortening the lifespan of the naira and forcing the CBN to spend more money replacing damaged notes. The renewed warning comes as the bank intensifies efforts to encourage proper handling of Nigeria’s national currency.
The latest message has also sparked fresh conversations among Nigerians about respecting the country’s legal tender.
CBN Raises Fresh Concern Over Naira Abuse
Speaking during the inauguration of the Naira Ambassadors Club in Abuja, CBN Governor Olayemi Cardoso expressed concern over the growing rate of naira abuse across the country.
According to him, the Central Bank invests huge amounts of money every year to produce clean, durable, and secure banknotes for circulation.
However, those investments are being undermined because many Nigerians continue to mishandle the currency after it enters circulation.
Cardoso stressed that protecting the naira should not be viewed as the sole responsibility of the Central Bank but as a collective duty for every Nigerian.
Why Damaging the Naira Is Costly
The CBN explained that damaged banknotes wear out much faster than expected, making it necessary to print replacement notes more frequently.
According to the apex bank, this process consumes public funds that could otherwise be used for other national priorities.
“When banknotes are defaced, mutilated or improperly handled, they deteriorate more rapidly than expected,” Cardoso said, noting that this increases replacement costs, disrupts efficient currency circulation, and places avoidable financial burdens on the nation.
The bank therefore urged Nigerians to handle every note with care.
Practices Nigerians Are Asked to Avoid
As part of its renewed awareness campaign, the CBN listed several common habits that amount to abuse of the naira.
These include spraying banknotes during weddings, birthdays, and other celebrations, writing on notes, stapling them, squeezing them carelessly into pockets or bags, tearing them, and deliberately mutilating them.
According to the bank, these practices reduce the quality of the currency and make it more expensive to manage Nigeria’s cash circulation system.
The CBN emphasized that every banknote deserves proper handling regardless of its denomination.
Launch of the Naira Ambassadors Club
To encourage better attitudes toward the national currency, the CBN officially launched the Naira Ambassadors Club.
The initiative is designed primarily for students, with the goal of teaching young Nigerians the importance of protecting the country’s currency.
Through the programme, students will learn about financial responsibility, civic values, and proper handling of banknotes.
The Central Bank believes educating children early will help create lasting behavioural change across Nigerian communities.
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Students Encouraged to Lead by Example
Addressing the participating students, Cardoso encouraged them to become ambassadors for responsible currency handling.
He urged them to educate classmates, friends, and family members about why banknotes should never be abused.
According to the CBN governor, leadership begins with influence rather than holding public office.
He explained that young people have the power to inspire positive behaviour simply by setting good examples within their schools and communities.
The programme is expected to expand to more schools across the country.
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