LARGE proportion of the N7.9 trillion pieces of naira notes in circulation are dirty, mutilated, unfit for Automated Teller Machines (ATMs) and over-the-counter payments, the Central Bank of Nigeria (CBN) has said.

A statement by CBN’s Deputy Governor, Operations Folashodun Shonubi and Director, Currency Operations Department Mrs. Pricilla Eleje 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 “due in Lagos tomorrow to launch “The clean note policy and banknote fitness guidelines”.

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.

The clean note policy provides a uniform standard for the circulation of only clean and fit banknotes; while the banknote fitness guidelines provide the industry with clear and acceptable criteria for determining the quality of notes in circulation.

The policy guidelines, the regulator said, 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 plan will ensure that unfit, dirty, mutilated and counterfeit banknotes are not in circulation. This is pursuant to Sections 18, 20 & 21 of the CBN Act 2007 which prohibits the counterfeiting, sale and abuse of the naira.

The statement said: “The CBN cannot achieve these objectives without the collaboration of deposit money banks(DMBs), 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.”

It explained that over the years, the growth in economic activities and the upsurge in population had necessitated the rise in the volume of banknotes in circulation.

The CBN said: “In view of technological advances, the CBN, like other central banks has introduced various forms of electronic payment systems for effective and efficient settlement of transactions and to reduce the volume of cash usage with its attendant cost implications.

“Despite the prevalence of other forms of payment, cash remains ‘king’ in our day to day economic transactions. As such, people still prefer to use cash in making payments especially where there are no digital payment platforms.

Source:
https://thenationonlineng.net/cbn-to-withdraw-n7-9tr-dirty-mutilated-notes/

Amazing development
They should give it to APC for 2023 presidential elections!

Wheres Lalasticlala sef!

They should start with 100 naira notes...

Dey shld start with those cancer looking 100 naira notes oo... I can't remember d last time I even saw a clean one

And a staff would steal them from CBN vault and spend then back to the street

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N100 note only has 85%

ovoko gimmie d bar!

Within three months they will have them circulating again because Nigerians don’t know how to use a wallet

Pls they should gimme the contract to burn the note na.....Pls i take God beg una

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Make them gimme all the dirty notes nah, they'll never see it in the street again... Chaiii

spayor:
Pls they should gimme the contract to burn the note na.....Pls i take God beg una

Its a very obvious scam

Tintinnoty:
LARGE proportion of the N7.9 trillion pieces of naira notes in circulation are dirty, mutilated, unfit for Automated Teller Machines (ATMs) and over-the-counter payments, the Central Bank of Nigeria (CBN) has said.

A statement by CBN’s Deputy Governor, Operations Folashodun Shonubi and Director, Currency Operations Department Mrs. Pricilla Eleje 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 “due in Lagos tomorrow to launch “The clean note policy and banknote fitness guidelines”.

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.

The clean note policy provides a uniform standard for the circulation of only clean and fit banknotes; while the banknote fitness guidelines provide the industry with clear and acceptable criteria for determining the quality of notes in circulation.

The policy guidelines, the regulator said, 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 plan will ensure that unfit, dirty, mutilated and counterfeit banknotes are not in circulation. This is pursuant to Sections 18, 20 & 21 of the CBN Act 2007 which prohibits the counterfeiting, sale and abuse of the naira.

The statement said: “The CBN cannot achieve these objectives without the collaboration of deposit money banks(DMBs), 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.”

It explained that over the years, the growth in economic activities and the upsurge in population had necessitated the rise in the volume of banknotes in circulation.

The CBN said: “In view of technological advances, the CBN, like other central banks has introduced various forms of electronic payment systems for effective and efficient settlement of transactions and to reduce the volume of cash usage with its attendant cost implications.

“Despite the prevalence of other forms of payment, cash remains ‘king’ in our day to day economic transactions. As such, people still prefer to use cash in making payments especially where there are no digital payment platforms.

Source:
https://thenationonlineng.net/cbn-to-withdraw-n7-9tr-dirty-mutilated-notes/

CBN should come and give me d money so I can help them dispose it��

Some people will become Billionaires from this.

Especially 100 naira notes

I wouldn't mind they are dirty. Give them to me. I know what to do with dirty notes.

Please remove the bad #100 note

Another step towards making money scarce, possibly a revaluation attempt.

Another scam loading..

withdraw everything

Watch out for dirty notes in circulation. They would divert it back to the market, it has happened severally. The destruction of the old notes should be done openly and observed by international observers from UN, since we cant do anything right.

The kind money I dey see this days ������... www.laughniaja.com

Na their selfish staffs go still steal parts of the dirty notes. If one could remembered those staffs caught in CBN Ibadan branch 2-3 years ago.

It's about time... i hope Buhari revives our the printing and minting company of Nigeria, from Nysc certificate and other certificate printing company to currency minting company.


.

Omo

IfoyinTEDO:
And a staff would steal them from CBN vault and spend then back to the street

A CBN staff in Ibadan was prosecuted by EFCC like 2yrs ago for doing that and sentenced to jail by court

Economic recession looms again
Investors are withdrawing
CBN is withdrawing
APC has no budget to spend
Lord hear our prayers

More than 100 people about to become millionaires

Where money is made - How CBN, bankers, politicians make money. I remember back then, anyways make I no talk.

Amuocha:
Economic recession looms again
Investors are withdrawing
CBN is withdrawing
APC has no budget to spend
Lord hear our prayers

Wetin concern recession with replacing old notes with new ones?

Ignorance is no bliss!

somehow:


Wetin concern recession with replacing old notes with new ones?

Ignorance is no bliss!

Are you aware that this exercise could have been done as an exchange.

You go to the bank with your dirty notes and a new one issued instantly ...without conditions