The Central Bank of Nigeria, CBN has said that a large proportion of the seven point nine trillion pieces of naira notes in circulation are dirty, mutilated, unfit for Automated Teller Machines, ATMs and over-the-counter payments.
The CBN’s Deputy Governor, Operations Folashodun Shonubi and Director, Currency Operations Department Pricilla Eleje in a statement by spoke of plans to withdraw such notes from circulation.
The officials said the bank had the obligation of providing adequate supply of clean banknotes to facilitate seamless payment and settlement of transactions by the public, government and banks.
CBN Governor Godwin Emefiele is to launch “The clean note policy and banknote fitness guidelines” in Lagos tomorrow, Tuesday.
The CBN described the measure as the first step in its bid to address the sorry state of the notes in circulation and create a new culture for better handling of the currency.
