Nigeria-Currency-Banking

Nigeria moves to remove mutilated bank notes from circulation

APA-Abuja (Nigeria)

The Central Bank of Nigeria (CBN) is on a drive to promote a clean note policy and ensure fit for purpose bank notes are in circulation.

The apex bank on Wednesday through a notice advised Nigerians to deposit all over-circulated and mutilated/damaged Naira notes at their banks by 30 August 2019.

Over-circulated banknote (Naira) is one that tends to disintegrate when passed through processing machines, as such rendering handling and processing difficult.

A mutilated banknote is a currency note (Naira) that has been partially or permanently damaged by fire, flood or soaked, dyed, torn or destroyed by natural disaster and is clearly more than one half of the original size of the banknote and may require special examination to determine its value.

All banknotes (Naira) to be taken to the banks for exchange for neat and good banknote should have complete serial numbers showing same details on the bottom left side corner and top right side corner of the banknote


MM/GIK/APA

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