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.
Cardoso Unveils Ambassadors Club as CBN Intensifies Currency Awareness Campaign
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. Governor Cardoso remarked: "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 steeped in Nigeria's rich history and culture, from portraits of eminent Nigerians to national symbols and robust security features designed to safeguard the monetary system's integrity.
Shared Responsibility for Naira Preservation
Governor Cardoso asserted that preserving the Naira is a shared obligation, underscoring that improper treatment of banknotes not only leads to increased operational costs but also impedes the smooth circulation of money. He stated: "Every Nigerian has a responsibility to treat the Naira with respect. The CBN spends 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."
Deputy Governor Emphasizes Education and Awareness
Also speaking, Emem Usoro, Deputy Governor of the 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 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 Rises to N5.19 Trillion
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.
