The
Central Bank of Nigeria on Friday introduced a Clean Note Policy to put an end
to the regime of mutilated naira notes.
A
mutilated banknote refers to a poor quality banknote that requires a special
examination to determine its value. The note could be partially or permanently
damaged by fire, water, dye, insects, rodents or destroyed by natural
disasters.
In
a circular issued by the CBN, it said the initiative was in a bid to enhance
the availability of clean notes and effect expeditious withdrawal of dirty
notes from circulation.
It
said Deposit Money Banks and Cash Processing Companies making deposits at the
CBN should classify their cash deposits into fit and unfit notes.
The
CBN said the unfit notes should be sorted, classifying mutilated notes
differently.
An
unfit banknote refers to a genuine banknote that is no longer fit for
circulation in accordance with the quality standard set by the CBN.
The
apex bank said a banknote would be considered unfit for recirculation if it was
badly soiled or if there was a general distribution/localisation of dirt.
It
added that other features that could make a note be classified as unfit were if
the note presented a limp/rag appearance due to excessive folding that resulted
in the breakdown of the texture and structure of the note or if the note had
added image or lettering marked on it or if had a hole that was more than 10
mm.
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