Nigeria: CBN directs Nigerians to deposit ‘overused, mutilated’ naira notes in banks before September 2

Sep 02, 2019

The Central Bank of Nigeria (CBN) has directed Nigerians to deposit overused or mutilated Naira notes in any bank branch closer to them, on or before September 2, 2019.

The apex bank said this was part of its efforts to improve the overall quality of the Naira notes in circulation.

According to a mail from GTBank to its customers on Friday, this was in line with the CBN’s Clean Note Policy which was announced earlier in April this year.

The email entitled, “Important CBN Notice on Naira Notes,” read: “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.”

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