23rd January, 2019
The Central Bank of Nigeria (CBN) on Wednesday issued banknotes fitness guidelines to commercial and micro finance banks to sustain public confidence in the nation’s currency.
This is contained in a circular issued by the CBN Deputy Governor, Operations, Mrs Folashodun Shonubi and Director, Currency Operation, Mrs Priscilla Eleje in Lagos.
According to the apex bank, third party service providers and the general public are expected to adhere to the guidelines, which also include the removal of unfit banknotes in circulation.
The bank said that cash handlers must ensure the neatness and consistency in the quality of notes in circulation.
The bank said the guidelines, which was done in collaboration with key industry stakeholders, entailed the production and circulation of quality banknotes in line with defined standards.
Accordingly to the bank, the guidelines also entailed standardised quality criteria for sorting of banknotes before putting them into circulation.