The Central Bank of Nigeria (CBN) has said a large proportion of the seven-point nine trillion naira pieces of naira notes in circulation are dirty, mutilated, unfit for automated teller machines (ATMs) and over-the-counter payments.
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.
Meanwhile, CBN Governor Godwin Emefiele will be in Lagos 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.