CBN: Why Nigerians need to deposit mutilated notes
The Central Bank of Nigeria has urged Nigerians to deposit damaged Naira notes in any bank closer to them on or before Monday, September 02.
The central bank sent this information through various banks to their various customers as an effort to improve the quality of naira notes across the nation.
The email message sent to customers of GTBank on Friday contained the following information.
The mail reads as follows: “Important CBN Notice on Naira Notes,”
As part of its efforts to improve the overall quality of the Naira notes in circulation, the Central Bank of Nigeria (CBN) has introduced the Clean Note Policy and Banknotes Fitness Guidelines.
What does this mean for you?
If you have in your possession, overused or mutilated Naira notes, you are required by the Central Bank of Nigeria (CBN) Clean Note Policy to deposit such notes at any (bank) branch near you on or before Monday, September 2, 2019.
Please note that overused notes include any Naira note that is now weak to such an extent that it could easily tear at further handling or processing.
Mutilated notes include any Naira note that has been partially or permanently damaged, but which clearly still has more than half of its original size together.
As Nigerians, it is our patriotic and collective responsibility to handle the Naira with care; and as your Bank, we urge you to comply with this directive in order to improve the quality of our national currency.
