CBN set to introduce policy that’ll ensure dirty Naira notes aren’t in circulation

CBN wants to ensure that unfit, dirty, mutilated and counterfeit banknotes are not in circulation in Nigeria.

CBN wants to ensure that unfit, dirty, mutilated and counterfeit banknotes are not in circulation in Nigeria. (Guardian)

The Central Bank of Nigeria is set to introduce a currency fitness policy to ensure that only clean, fit and high-quality Naira notes are in circulation.

The Apex bank in a statement said the guideline document will be unveiled on Tuesday, April 30, at the Eko Hotel and Suites in Lagos.

These documents were developed after extensive collaboration and engagements with key industry stakeholders under the auspices of the Nigerian Cash Management Scheme, a Bankers’ Committee initiative,” the apex bank said.

“The Clean Note Policy provides a uniform standard for the circulation of only clean and fit banknotes in Nigeria; while the Banknote Fitness Guidelines provide the industry with clear and acceptable criteria for determining the quality of banknote in circulation.

“The intention of the Bank is to ensure that unfit, dirty, mutilated and counterfeit banknotes are not in circulation in Nigeria. This is pursuant to Section 18,20 & 21 of the CBN Act 2007 which prohibits the counterfeiting, sale and abuse of the Naira, the bank said.

The CBN also said it has developed a mechanism to ensure full compliance with the documents. 

The apex bank noted that cooperation of deposit money banks (DMBs), microfinance and merchant banks, government agencies, Cash-in-Transit (CIT), currency management equipment manufacturers and the general public would be needed to achieve recirculation of high-quality notes.

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