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Mutilated Naira notes to be withdrawn from circulation by CBN

The CBN is planning to mop up all the mutilated Naira notes across the country. Any bank issuing counterfeit Naira notes will be imposed N1 million fine said the Apex Bank. The  Banks were asked not to reject the mutilated notes from their customers so as to be brought to the CBN. In currency management, the Governor called for increased private sector participation (PSP). To promote effective and efficient currency management in Nigeria the CBN has registered eight firms to carry out cash-in-transit companies (CITs) and two cash processing companies (CPCs) to operate in Nigeria. For CIT and sorting services the Banks are expected to patronise only these registered companies.

As the Banknotes remain predominant for payment and settlement of commercial transactions in Nigeria currency management is vital to our daily lives said the Deputy Governor. If the documents are carried out effectively by relevant stakeholders then it would ensure that the banknotes in circulation are clean and of high quality.

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