Olayemi Cardoso, the Governor of the Central Bank of Nigeria, recently inaugurated the CBN Naira Ambassadors Club in Abuja. This new program focuses on teaching secondary school students within the Federal Capital Territory how to handle and protect the national currency.
During the launch event, Cardoso highlighted that the initiative is a response to the massive expenses the bank faces when printing and replacing worn-out money. He emphasized that the Naira is not just a tool for commerce, but a vital emblem of Nigerian sovereignty and national character. He noted that because banknotes contain security features and historical symbols, they serve as a foundation for public trust in the financial system.
Cardoso expressed frustration regarding the common practice of mutilating or mishandling physical cash. He warned that these actions force the bank to replace notes sooner than planned, which creates unnecessary financial strain on the nation. He urged all citizens to take pride in their currency, asserting that maintaining the quality of the Naira is a shared duty that extends beyond the mandates of the Central Bank.
By engaging younger generations through the Naira Ambassadors Club, the CBN hopes to foster a culture of respect for the currency, ultimately improving its durability and reducing the high costs associated with replacing damaged bills.
