Earlier today, Guaranty Trust Bank Plc (GTBank) sent out emails to its customers reminding them that they have until September 2nd, 2019 to deposit their mutilated naira notes at the bank. Failure to do this could warrant unwanted consequences.

According to the email from GTB, this is in line with the Central Bank of Nigeria‘s effort to get rid of mutilated, defaced, and unfit naira notes from circulation. The CBN’s Clean Note Policy was announced in April this year and lauded by several stakeholders, including the Association of Bureaux De Change Operators of Nigeria, ABCON.

It is expected that strict adherence to this CBN policy will help guarantee public confidence in the naira by ensuring that only high quality and clean notes are allowed to circulate in the economy.

Why you must adhere:Nairametrics contacted the CBN to get more information on this matter. Specifically, we sought to clarify what would happen to Nigerians who fail to deposit their mutilated naira notes by September 2nd. Responding to this inquiry, a representative of the apex bank informed that anybody who fails to comply with the Clean Note Policy will have to bear the cost of losing the value of their money, seeing as such money will no longer be acceptable for transactions.

To avoid this from happening, therefore, Nigerians must hurry now to deposit any unfit naira notes in their possessions. In the same vein, they must refuse to collect such defaced money going forward.

In the meantime, commercial banks should put in more effort to ensure that henceforth, mutilated naira notes are painstakingly filtered out of circulation. This is imperative, seeing as commercial banks have often been accused by the CBN of deliberately mixing unfit notes and re-circulating them instead of sorting out the bad ones and returning them to CBN for destruction.



https://nairametrics.com/2019/08/30/your-mutilated-naira-notes-will-become-useless-after-september-2nd/

This is a nice move.

I got this email this morning... I really don't know why everything has to be last minute. So either today Friday or next Monday is all the time we have? So annoying. And what happens if I get mutilated bills next Friday? I can't put it in bank abi? This should be an ongoing exercise, as obtains in saner countries.

To be honest though, I don't have up to 2k in mutilated bills so it doesn't concern me

Ok

Really

Earlier today, Guaranty Trust Bank Plc (GTBank) sent out emails to its customers reminding them that they have until September 2nd, 2019 to deposit their mutilated naira notes at the bank. Failure to do this could warrant unwanted consequences.

According to the email from GTB, this is in line with the Central Bank of Nigeria‘s effort to get rid of mutilated, defaced, and unfit naira notes from circulation. The CBN’s Clean Note Policy was announced in April this year and lauded by several stakeholders, including the Association of Bureaux De Change Operators of Nigeria, ABCON.

They gave you guys 6 MONTHS to exchange your old, worn out and mutilated notes for new one, but trust some Nigerians, they are stubborn, heady and not cooperative in issues that meant well for them but keep blaming the government for each and every probs in their lives.
You will see them rushing to do what they had 6 months to do as from next monday.
What a people.
What a nation!

Nigeria sef!!!!

You don't give a deadline for things like this.

You expect people to leave their businesses and go and queue up in the bank just to deposit mutilated notes.

Simple, as people makes their regular deposits, you sieve out the mutilated ones and pay out new clean notes.

With time the old notes will die a natural death.

Well!!! It's just my opinion though

Yes and that is good.

Am just seeing or hearing this and it's just next week that's the closing date. That's too short mheeen! The awareness is just too short. Cbn should try and give it more days and instruct all banks to do a massive awareness about it, most especially going to the markets cos those market women have lots of such money in their possession. Relatives, neighbors should try and inform those old men and women. I just informed one old mama in my neighborhood.

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I for dey keep my own oh

Nice move. But it should not have a deadline attached to it. It should be a continuous exercise

Nice one... They should also try to add interest if I give them the thorn one so as to add up to my T. fare

They should sensitive more people else the policy may not work. How many people are aware of this new policy?

They should also scrap out these polymer notes.

I don't know whether i should be happy or not. Any way ........

Hmmn nice one.
I personally hate it when an ATM dispenses dirty notes.
E dey pain me separately

Ok

Okay let's go there nq cus I'll deposits my own in another bank if gtbbank fuckup oyq na

Then it's better to stop collecting rubbish mutilated naira change from any bus conductor. Nigerians should watch out for them before they pass the burden to you. The excuse that traders will accept it was now expired

Nice move

This need to be handling by banks gradually ,

No need quick notice

Nice move cbn

Lie lie e no go happen .......no be naija again

Nice move.
Most of the circulating #100 notes fall in this category.
Awolowo don suffer for Nigerians hand

The deadline is not only too short but the policy will create serious problems for ordinary Nigerians.

How do you judge which is dirty/fit/unfit Naira note?

It is supposed to be duty of banks to withdraw the dirty notes from circulation over time.

Lol

Too bad