Clean Notes Policy: CBN Warns Banks Against Unfit Notes

Clean Notes Policy: CBN Warns Banks Against Unfit Notes
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By Mariam Sanni, Abuja

The Central Bank of Nigeria (CBN) has warned banks against the re-circulation of unfit notes in country, encouraging stakeholders to play their roles.

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This was made known by the Director of Currency Operations, CBN, priscillia Jeje on a TV progamme, stressing that there is a monitor compliance and penalty for banks that fails to comply.

She said, ‘’We are encouraging banks to collect unfit note that they will return to us, which is our own duty to dispose. Once a note is unfit, it is expected to be withdrawn from circulation.

‘’We have told banks that we are going to monitor compliance, they are expected to have stickers on their Automated teller Machine(ATM), so that customers would lay their complain. If those in the value chain play their roles, we would have a clean notes nation. There is a penalty for any branches that fail to comply.

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Also, the Director of Corporate Communications, CBN, Isaac Okorafor, assured that the apex bank will critically respond to the call or complain of the public on circulation of unfit notes.

‘’This time around, we are responding critical to the calls by Nigeria, that the banks are re circulating unfit notes. We have confidence with what we have set out, and with the sensitization and education, that Nigerians will be aware on our efforts to deliver clean note to them,’’ he said.

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It could be recalled that the Central Bank of Nigeria (CBN) has approved the issuance of a Clean Note Policy and Banknote Fitness Guidelines.

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.

Aljazirahnews


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