CBN Launches Naira Ambassador Club to Combat Currency Abuse

On Tuesday, during the inauguration of the Naira Ambassador Club in Abuja, Olayemi Cardoso, the Governor of the Central Bank of Nigeria, warned against the abuse of the Naira, emphasizing the need for proper handling to prevent defacement and mutilation of banknotes. He highlighted that such practices increase the cost of currency management and shorten the lifespan of Nigeria's legal tender.

The Naira Ambassador Club aims to educate students on the importance of respecting the Naira and to encourage responsible currency handling within their communities. Cardoso stated that the apex bank is committed to producing clean, durable, and secure banknotes and that the responsibility of safeguarding the Naira lies not only with the Central Bank but also with all Nigerians.

Emem Usoro, Deputy Governor of Corporate Services, noted that the initiative is part of a broader effort to protect Nigeria's currency, which symbolizes national sovereignty and economic stability. The program seeks to cultivate positive attitudes towards currency among young people and enhance financial literacy.