Ferrous core-shell nanoparticles consisting of a magnetic gamma-Fe2O3 multi-nanoparticle core and an outer silica shell have been synthesized and covalently functionalized with Rhodamine B (RhB) fluorescent molecules (gamma-Fe2O3/SiO2/RhB NPs). The resulting gamma-Fe2O3/SiO2/RhB NPs were integrated with a renewable and naturally-abundant cellulose derivative (i.e. cellulose acetate, CA) that was processed in the form of electrospun fibers to yield multifunctional fluorescent fibrous nanocomposites. The encapsulation of the nanoparticles within the fibers and the covalent anchoring of the RhB fluorophore onto the nanoparticle surfaces prevented the fluorophore's leakage from the fibrous mat, enabling thus stable fluorescence-based operation of the developed materials. These materials were further evaluated as dual fluorescent sensors (i.e. ammonia gas and pH sensors), demonstrating consistent response for very high ammonia concentrations (up to 12000 ppm) and fast and linear response in both alkaline and acidic environments. The superparamagnetic nature of embedded nanoparticles provides means of electrospun fibers morphology control by magnetic field-assisted processes and additional means of electromagnetic-based manipulation making possible their use in a wide range of sensing applications.