CBN releases new guideline to tackle dirty naira notes

As part of efforts to end the circulation of dirty, mutilated and counterfeit banknotes, the Central Bank of Nigeria (CBN) has put together a Clean Note Policy and Banknote Fitness Guideline.

The CBN in a statement revealed that 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 statement 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.

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“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.”

CBN also said it has developed a mechanism to ensure full compliance with the documents adding that it would provide complaint channels like phone numbers and emails to enable the public to provide information about infractions.

Additionally, the apex bank canvassed for the cooperation of deposit money banks (DMBs), microfinance and merchant banks, government agencies, Cash-in-Transit (CIT), currency management equipment manufacturers and the general public to achieve recirculation of high-quality notes.