CBN to unveil clean note policy, banknote fitness guidelines

The Central Bank of Nigeria (CBN) has approved the issuance of a clean note policy and banknote fitness guidelines.

The guidelines would be launched in Lagos tomorrow. The documents would be unveiled by the CBN governor, Mr. Godwin Emefiele.

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.

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.

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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 in pursuant to Section 18,20 & 21 of the CBN Act 2007, which prohibits the counterfeiting, sale and abuse of the Naira.

“The Bank cannot achieve these objectives without the collaboration of deposit money banks, merchant banks, microfinance banks, government agencies, Cash-in- Transit (CIT), cash processing companies (CPCs), market associations, merchants/retailers, chambers of commerce and industry, security agencies, currency management equipment manufacturers , bank customers and the general public.

“The Bank has developed a mechanism to ensure full compliance with the documents by stakeholders. Compliant channels such as phone and emails would be provided to enable the general public provide information on infractions of the two documents,” a statement from the CBN explained.